Transparency is the core of modern financial reporting and assist users in understanding the business unit stems. despite the importance of this concept, the general definition of it is not provided in the Literature. Several methods for the measurement of transparency used that result in different justifications.So we expected there be negative relationship between the cost of capital and transparency of financial reporting. Since transparency reduces uncertainty about the intrinsic value of

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... rms so that it results in expected negative relationship between cost of capital and transparency of financial reporting. We expected more Comprehensive transparency model led to stronger test of the economic Consequences of transparency. Research findings show that the Comprehensive proposed transparency of financial reporting has significant negative correlation with subsequent excess returns and expected costs of capital. While the relationship between disclosure index of the The Securities and Exchange Organization with these variables is not significant.there are significant relationship between dimensions of Public disclosure information and Insider information and with subsequent excess returns and expected costs of capital.