I consider the role of firm transparency in shaping its capital structure. In a costly-state-verification model, the … optimally choose zero leverage and finance themselves with equity. If firms can increase their transparency at a cost – say by …

provide guidance for improving transparency while maintaining trader confidentiality. In addition, we analyze liquidity in the …We use a unique data set from the Trade Reporting and Compliance Engine (TRACE) to study liquidity e ffects in the US … structured product market. Our main contribution is the analysis of the relation between the accuracy in measuring liquidity and …