
Gabriel Pundrich
Assistant Professor of Accounting at University of Florida's Warrington College of Business; applies AI and data analytics to capital markets, auditing, regulatory compliance, and M&A research.
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Jun 10, 2026
SEC Roundup 99: Regulatory Capture or Power to the People—What do SEC rule comment letters tell us?
9:45
9:52
9:58
10:32
10:45

Gabriel PundrichGUEST
... that we're able to match between the proposal, the answer, and what gets adopted or dropped.

Gabriel PundrichGUEST
That's around a quarter or a fifth of our rules in our sample did not get adopted.

Gabriel PundrichGUEST
Okay? So, and what we're doing in our analysis, this was a very long answer, sorry, to your question, but this is a very long way of saying that having done all this, what we do is we match the answers to these requests for comments and see, depending on the identity of the writer, based on the four groups we just discussed, if some groups are systematically having their preferences, as stated in their answers, reflected both at the proposal, adoption, or drop, uh, uh, scenarios of the, of the rulemaking process.

Gabriel PundrichGUEST
And, uh, in a nutshell, we find that at the proposal and the adoption levels, w- firms are more likely to have their interests reflected in the rules versus the average commenter.

Gabriel PundrichGUEST
Something happens during the whole rulemaking process that the adoption level, that effect is still there, but slightly weaker.
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12:52Nick MorganHOST
Y- you're not going that far in your paper, but for Tom and me looking at this from the outside, it sort of looks like that, so.