TY  - UNPD
A1  - Leuz, Christian
T1  - Evidence-based policymaking : promise, challenges and opportunities for accounting and financial markets research
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 611
N2  - The use of evidence and economic analysis in policymaking is on the rise, and accounting standard setting and financial regulation are no exception. This article discusses the promise of evidence-based policymaking in accounting and financial markets as well as the challenges and opportunities for research supporting this endeavor. In principle, using sound theory and robust empirical evidence should lead to better policies and regulations. But despite its obvious appeal and substantial promise, evidence-based policymaking is easier demanded than done. It faces many challenges related to the difficulty of providing relevant causal evidence, lack of data, the reliability of published research, and the transmission of research findings. Overcoming these challenges requires substantial infrastructure investments for generating and disseminating relevant research. To illustrate this point, I draw parallels to the rise of evidence-based medicine. The article provides several concrete suggestions for the research process and the aggregation of research findings if scientific evidence is to inform policymaking. I discuss how policymakers can foster and support policy-relevant research, chiefly by providing and generating data. The article also points to potential pitfalls when research becomes increasingly policy-oriented.
T3  - CFS working paper series - 611 
KW  - Evidence-based policymaking
KW  - cost-benefit analysis
KW  - regulation
KW  - standard setting
KW  - accounting
KW  - finance
KW  - capital markets
KW  - causal inferences
KW  - political economy
Y1  - 2018
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/47975
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-479752
UR  - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3289935
IS  - April 2018
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -