From www.sciencedirect.com: Textual analysis of mandatory accounting filings reveals firm-level measures of exposure to government agencies such as the SEC and IRS, which vary across industries and relate to agency-specific events.

Higher exposure to government agencies correlates with reduced profitability for firms, while a significant stock market reaction to the 2016 election of Donald Trump suggests that reduced government oversight could lead to increased firm value.

The study validates the measures by linking them to undisclosed investigations and financial statement downloads, highlighting the distinct impact of regulatory changes on firm outcomes.