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However,growth is known to be associated with cost of capital regard less of whether earnings of high growth firms lack transparency. Asaresult,variationinourearningstransparencymeasureislikelycorrelatedwithintertemporalchangesand cross-sectionaldifferencesinfirmfundamentalssuchasgrowth.Therefore,detectingarelationbetweenourearningstransparency measureandcostofcapitalcouldbeattributabletoearningstransparencyorsuchfirmfundamentals.Toaddress thispossibility,ourtestsincludecontrolsforgrowthandotherfirmfundamentalsthatareknowntobeassociatedwith costofcapital.
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