While it is important to understand the impact that the voluntary adoption of clawback and other fraud-related
provisions have on firm behavior, it is at least equally important to understand the impact of government mandates of
such provisions. CCCY motivate their examination of clawback provisions in part as a way to understand the potential
effects of the upcoming Dodd–Frank requirements. They conclude, though not without caveat, that Dodd–Frank will
be effective in reducing material misstatements by firms whose directors are mandated to uphold Section 954 of the
Dodd–Frank wall street reform and consumer protection act.