We emphasize that this paper does not intend to offer a general theory of standard-setting and note several caveats. We focus the model on the market price impact of a new rule. This has the benefit of focusing the model on trade-offs discussed
in the extensive disclosure literature, but also comes with the limitations inherent to this family of models. In particular, we cannot discuss issues that pertain to stewardship problems as, for example, in the case of standards about compensation
measurement or regulatory capital ratios. In addition, the model focuses on influence by parties interested in increasing the short-term stock price. We do not offer here a game-theoretic model in which a standard-setter plays a political game to stir political forces toward a preferred outcome