Contrary to the prevailing analyses, which posit that revolving-door regulators take the industry's needs as given and merely respond to those needs, the market-expansion theory suggests that revolving-door regulators may exert efforts to expand the industry's needs.
(16) According to this "human-capital" theory, when industry-employers could not perfectly observe regulators' human-capital, revolving-door regulators would want to be more aggressive, not less aggressive, in their enforcement actions as a way of signaling their qualifications to industry employers.
This Article argues that the current revolving-door literature is seriously lacking in not adequately recognizing what could be referred to as the "market-expansion" incentive created by the revolving door.
Recognizing revolving-door regulators' market-expansion incentive has far-reaching implications.
Given how extensively the revolving door has become intertwined with the modern regulatory state, recognizing revolving-door regulators' market-expansion incentive has the potential to change the conventional ways of thinking about a wide range of policy issues, including agency aggrandizement, overenforcement versus underenforcement, regulatory settlements, compliance monitors, private rights of action, and professional responsibility.
Given SOA's call for consideration of its provisions at the state level, the authors conducted a study to investigate the perceptions of members of state boards of accountancy when nonpublic audit clients were involved in the revolving-door phenomenon.
According to the Independence Standards Board (ISB) in Independence Standard 3, the revolving-door enticement allows public accounting firms to recruit qualified graduates by offering a better opportunity to become corporate executives than that for similar students that do not start their careers with CPA firms.
The Public Oversight Board (POB), in its final 2001 annual report, agreed with its member Biggs that rotation of audit firms every seven years is a "powerful antidote" to the revolving-door phenomenon.
Not all stakeholders believe in the need for additional controls to address the revolving-door phenomenon.
The overall objective of this exploratory study was to provide a more complete understanding of the perceptions of members of state boards of public accountancy regarding the impact that the revolving-door phenomenon has on independence.
* Is the environmental movement falling sway to the revolving-door
syndrome prevalent in Congress and federal regulatory agencies?
Cabaret and Chicago are regularly following this revolving-door
metaphor does not imply that women are getting nowhere," Jacobs explains.
I THINK a lot of head teachers operate a revolving-door
policy with young staff.
In what can only be considered a slap at Aspin's leadership, the Speaker announced he would reattach the revolving-door
amendment to the defense appropriations bill.