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Over the last 23 years, the U.S. Securities and Exchange Commission hasrequired over 34,000 companies to file over 165,000 annual reports. Thesereports, the so-called "Form 10-Ks," contain a characterization of a company'sfinancial performance and its risks, including the regulatory environment inwhich a company operates. In this paper, we analyze over 4.5 million referencesto U.S. Federal Acts and Agencies contained within these reports to build amean-field measurement of temperature and diversity in this regulatoryecosystem, where companies are organisms inhabiting the regulatory environment.While individuals across the political, economic, and academic world frequentlyrefer to trends in this regulatory ecosystem, far less attention has been paidto supporting such claims with large-scale, longitudinal data. In this paper,we document an increase in the regulatory energy per filing, i.e., a warming"temperature." We also find that the diversity of the regulatory ecosystem hasbeen increasing over the past two decades, as measured by the dimensionality ofthe regulatory space and distance between the "regulatory bitstrings" ofcompanies. These findings support the claim that regulatory activity andcomplexity are increasing, and this measurement framework contributes animportant step towards improving academic and policy discussions around legalcomplexity and regulation.

Measuring the temperature and diversity of the U.S. regulatory ecosystem