Anil Arya () (Ohio State University, Fisher College of Business) Jonathan C. Glover () (Graduate School of Industrial Administration (GSIA)) Shyam NMI Sunder () (School of Management)
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The push for increased transparency in financial reporting and corporate governance serves shareholders only up to a limit. The problem of assessing the value of transparency to shareholders is subtle because both the level and pattern of earnings can convey information. Even when earnings management conceals information, it can be beneficial to shareholders. Distinguishing between ex ante and ex post efficiency underscores the advantages of achieving a balance between transparency and privacy in corporations.
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