Corporate transparency reduces information asymmetries between firms and capital markets, but increases the costs … information environment following transparency-enhancing security market reforms, we document significantly higher rates of R …&D and patenting in richer information environments. The effects of transparency are strongest in industries that rely on …

from 29 countries, I find that transparency directly boosts innovative effort by reducing managerial career concerns. This … effect operates through transparency's implicit contracting role: it reduces the sensitivity of management turnover to poor … innovative output. Transparency also increases innovative efficiency through its governance role in facilitating efficient …