The article discusses how information flow and transparency are crucial for maintaining orderly markets, especially after financial crises. It shows that efficient securities markets rely on the availability of accurate information. However, if there is sparse or incorrect information about the true value of assets, it can lead to asset bubbles. The researchers suggest a model where asset value is a mix of trading value and underlying value, with the balance depending on the market's information state. They point out issues in accounting information and suggest new approaches for valuing assets and liabilities.