Regulatory Fragmentation

About the Regulatory Measures

We use Federal Register, the daily journal of US regulators, to create a measure of regulatory fragmentation. The main variable, Regulatory_Fragmentation, reflects the variety of agencies a company is exposed to in a given year. Higher values of this variable suggest that a company is regulated by more agencies.

Additional Variables

  • Topic_Dispersion - Shows the dispersion of topics raised by the company in their annual reports.
  • Regulation_Quantity - Reflects the amount of the relevant regulations.


We describe the construction of this data in more detail in the paper "Regulatory Fragmentation" with Joseph Kalmenovitz and Michelle Lowry.

Last update: 2020

Ekaterina Volkova
Ekaterina Volkova
Associate Professor, Department of Finance

My research interests include corporate governance and monitoring of public companies by shareholders and regulators.