Purpose – It is clear that some firms are more forthcoming about their financial affairs than others, and that the financial statements of some firms are designed to obscure rather than reveal information about the firms. How does one reflect the transparency (or the opacity) of a firm's...

Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation...

Purpose - It is clear that some firms are more forthcoming about their financial affairs than others, and that the financial statements of some firms are designed to obscure rather than reveal information about the firms. How does one reflect the transparency (or the opacity) of a firm's...