作者：Lang, Mark; Lins, Karl V.; Maffett, Mark
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Utah System of Higher Education; University of Utah
摘要：We examine the relation between firm-level transparency, stock market liquidity, and valuation across countries, focusing on whether the relation varies with a firm's characteristics and economic environment. We document lower transaction costs and greater liquidity (as measured by lower bid-ask spreads and fewer zero-return days) for firms with greater transparency (as measured by less evidence of earnings management, better accounting standards, higher quality auditors, more analyst followin...
