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The state in which all relevant information is fully and freely available to the public. Nearly every analyst agrees that transparent markets are desirable because they lead to greater efficiency. Laws and regulations exist in most jurisdictions encouraging or mandating transparency. For example, the SEC requires disclosure forms declaring a great many different actions when or immediately after they occur. Likewise, the Sarbanes-Oxley Act is designed to increase transparency in accounting. A minority view holds that these laws and regulations intended to create transparent markets in fact reduce efficiency. Others contend that markets are efficient with or without transparency. See also: Efficient market hypothesis.


The full, accurate, and timely disclosure of information.
Case Study Ford Motor Company executives indicated in spring 2001 that the company planned to provide shareholders and analysts with greater transparency of the firm's financial results. As part of the improved transparency, Ford was expected to report separate results from its Premier Automotive Group (PAG), comprising Aston Martin, Jaguar, Lincoln, Land Rover, and Volvo Cars. In the prior year Ford reported an operating loss of $35 million in Europe only because income from PAG and customer services mostly offset operating losses of nearly $1 billion in its other European operations. At the time Ford did not report profits for individual brands or product groups. Transparency permits shareholders and analysts a greater understanding of a firm's operations, including which parts of the firm are most and least profitable. This, in turn, places greater pressure on the firm's management to produce acceptable results in all facets of a company's operations.


Transparency is a measure of how much information you have about the markets where you invest, the corporations whose stocks or bonds you buy, or the mutual funds or other investments you select.

For example, in order to achieve maximum transparency in US markets, the Securities and Exchange Commission (SEC) requires corporations to disclose all information that might have an impact on their financial status so that investors can make fully informed decisions.

Real-time trading information, increasingly available to individuals as well as institutional investors, and linked pricing systems are other steps toward complete transparency.

References in periodicals archive ?
Pilkington, which employs more than 200 people in Birmingham and another 300-plus at a sister site in California, has since been integrated with GKN's own transparencies business in Luton.
PPG Aerospace produces the forward and aft canopy transparencies for F-16 A/B/C/D configurations at its Sylmar, Calif.
Our history with Airbus has been a long and successful one over the past few decades supplying transparencies for its commercial fleet, and we look forward to continuing this cooperative relationship.
Boeing operators are now able to buy transparencies directly from the manufacturer - PPG - streamlining ordering, shipping and warranty administration," France said.
PPG's aircraft transparencies business will be referred to as PPG Aerospace - Transparencies.
Aermacchi previously produced its own plastic transparencies.
From the outset, PPG's all-glass transparencies have provided operators with benefits unavailable from any other windshield supplier.
Key issues were to have lightweight transparencies, superior service life and exceptional customer support," Lloyd said.
PPG is the world's largest manufacturer of aircraft transparencies, and its Ampaspace subsidiary operates a facility near Milan, Italy, for production of acrylic aircraft transparencies.
David France, PPG global sales and marketing manager, original-equipment transparencies, said that the new agreement supports PPG's ongoing product improvement and service enhancement efforts.
A "lightplate" built into the scanner cover uses a special light-diffusion process for scanning 35 mm transparencies.
With the optional Transparency Adapter you can scan 4" x 5" transparencies, slides, or negatives.

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