  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.
