We develop a baseline model which includes as few elements as necessary and then expand this baseline to include
several additional institutional facts. In the baseline model, the economy is composed of managers privately informed about
future cash flows and selling shares of their firm in a competitive market. We assume that managers' behavior is motivated
by the short-term market price, that managers are the only interest group exerting influence to push for certain disclosure
rules, and that firms' shareholders (or other parties) do not exert influence