We rank all the raw time-series earnings aggressiveness median observations, across countries and years, into deciles, with higher ranks associated with greater earnings ag gres-siveness; we rank all the raw time-series loss avoidance ratios, across countries and years, into deciles, with higher ranks associated with greater loss avoidance; we rank all the raw time-series earnings smoothing correlations, across countries and years, into deciles, with higher ranks associated with greater earnings smoothing. Hence, each dimension of earnings opacity in a country each year is assigned a rank between 1 and 10, depending on which decile of the earnings opacity dimension distribution across all country-years that particular country for that year appears. For example, a rank of 3 for Australia in 1986 in the earnings smoothing dimen-sion means that Australia in 1986 was in the third decile of all earnings smoothing measures across all countries and across all years. We then average the earnings aggressiveness rank, the loss avoidance rank, and the earnings smoothing rank in each country-year to obtain a time-series of overall earnings opacity for each country.