How does increasing globalization affect corporate transparency? Freer trade represents two facets and in theory has … ambiguous effects on corporate transparency. On the one hand, by exposing firms to more product market competition, it could … discourage discretionary disclosure. On the other hand, by opening up foreign markets and enhancing firms’ growth opportunities …

This Paper studies the incentives for transparency under different forms of corporate governance in a context of … decision on the degree of transparency in a context of product market competition. When firms seeking outside finance resort to … transparency. More transparency about a firm's competitive position has both strategic advantages and disadvantages: in general …

action and transparency on consequence are then used to interpret existing disclosure policies in politics, corporate … signal structure under which transparency on action is detrimental to the principal. The Paper also shows the existence of … complementarities between transparency on action and transparency on consequence. The results on the distinction between transparency on …

liquidity risk and characterizes them. Both a solvency (leverage) and a liquidity ratio are required to control the … fund managers are more conservative the liquidity requirement has to be strengthened while the solvency one relaxed. Higher … disclosure or introducing a derivatives market may backfire, aggravating fragility (in particular when the asset side of a …

information collection in the financial market, and thereby corporate transparency, by affecting market liquidity or the cost of …This paper studies product market competition under a strategic transparency decision. Dominant investors can influence … information collection. More transparency on a firm's competitive position has both strategic advantages and disadvantages: in …

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 … liquidity of their primary market, at the cost of reducing secondary market liquidity or even causing it to freeze. The degree …

, trading costs increase strongly with dealer centrality. Investors with strong liquidity need trade with central dealers and at … times of market-wide illiquidity. Central dealers thus serve as liquidity providers of last resort. …

We analyse the effect of concealing limit order traders’ identities on market liquidity. We develop a model in which … cost of liquidity provision were large when indeed it is small. This bluffing strategy is less effective when traders … anonymous market. For this reason, concealing limit order traders’ IDs affects market liquidity in our model. We test this …

cutting investment. Investment depends on asset pricing variables such as investors' liquidity shocks; disclosure depends (non …This paper models the effect of disclosure on real investment. We show that, even if the act of disclosure is costless …, a high-disclosure policy can be costly. Some information ("soft") cannot be disclosed. Increased disclosure of "hard …