In today's turbulent environment, many investors are aware of the importance of information transparency in their strategies. Lack of information or uncertainty about them has become a major problem in financial markets today. One of the requirements of healthy competition is access to transparent information for all market participants. One of the most important types of markets (along with commodity, money and labor markets) is the capital market, where transparent information has a strong impact on its performance. Lack of information in this market increases the cost of transactions and the inability of the market to allocate resources optimally. The more transparent and accessible the information that is an integral part of the decision-making process, can lead to more accurate decisions regarding the optimal allocation of resources, and ultimately lead to allocation efficiency and market transparency that The ultimate goal is the capital market. Given that information asymmetry in the capital market leads to increased opportunities for information management and thus profit management, it can be said that in an environment with higher information asymmetry, the relationship between earnings management as a measure of financial information opacity and risk of stock price falls There is more intense. Therefore, the purpose of this study is to review transparent financial information and its role in stock price falls.