This paper is based on my 2017 PD Leake Lecture at the ICAEW. I acknowledge helpful comments from the editors, Luzi Hail, Christian Laux and, especially, Maximilian Muhn. I also thank Maximilian Muhn for his excellent research assistance. I have worked as an economic advisor to the PCAOB and still serve as a consultant from time to time. I have also co-written independent research reports on policy questions for the FASB and the SASB. The views expressed in this paper are my own. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.