摘要：In this research, we try to emphasize voluntary disclosure as an important mechanism for the corporate governance process, and the financial reporting system to reduce the costs linked to the information asymmetries. Researchers have long been interested in the anticipation of future returns, which is important in obtaining excess return (the difference between actual and expected returns). According to the previous conceptual studies, increasing in more transparency in reported earnings can reduce information asymmetry and hence, decrease excess return. This study examines the relationship between earnings transparency and future excess return. Using more than 90 firms listed in the Tehran stock exchange from 2005 over 2009 are selected; the evidences of present research supported that there is no significant relationship between earnings transparency and future excess returns.
关键词：Earnings transparency; expected returns; future excess returns; disclosure; business environment
