In choosing transparency, firms must trade off the benefits from better access to finance against the cost of a greater … model’s predictions: First, transparency is negatively correlated with tax pressure, particularly in sectors where firms are … less dependent on external finance. Second, financial development enhances the positive effect of transparency on …

firms to sell products that appeal to a larger number of consumers. The socially optimal level of transparency between … manufacturers and retailers depends on the weight assigned to consumers’ surplus and trades of two effects: higher transparency …

of transparency is inefficiently low if the social value of secondary market liquidity exceeds its private value. We … analyze various types of public intervention — mandatory transparency standards, provision of liquidity to distressed banks or … secondary market price support — and find that they have quite different welfare implications. Finally, transparency is greater …