Calibration of transparency risks: a note
  The aim of this research is to give a simple framework to evaluate/quantize the "transparency" of a firm. We assume that the process of the firm value is only observable once in a while but is strongly correlated with the stock price which is observable and tradable. This hybrid type structure make the transparency "observable". The implication of the present study is that the depth of the shock to the market caused by the precise accounting information does reflect the degree of transparency. Furthermore, it can be quantized resorting to the calibration method. 
Jir\^o Akahori, Yuuki Kanishi, Yuichi Morimura