How is market efficiency affected by the quality of accounting information and corporate disclosures, and what impact does this have on investor confidence and financial market stability?

What role do managerial incentives play in influencing a company's decision to use a particular accounting method, and how can contracts and regulations reduce conflicts of interest between management and shareholders?

How is the process of setting accounting standards influenced by economic, political, and social factors, and what impact do these regulatory decisions have on accounting practices and the quality of a company's financial reports?