We examine the relation between transparency, stock market liquidity, and valuation for a global sample of firms. Following the prior literature, we argue that transaction costs will be higher and investors will be less willing to transact if they perceive significant issues with respect to...

We examine changes in cross-country financial statement comparability around mandatory IFRS adoption and the effects of these changes on firms' information environments, as captured by analyst properties and bid-ask spreads. First, we show that cross-country earnings comovement is negatively...