The adjusted R2 for our governance indices with these six measures are as follows: Conservatism(-0.84 percent Value Relevance(0.24 percent Timeliness(1.26 percen), Persistence 2.86 percent). Smoothness(5.19 percent), and Accruals Quality(22.71 percent Despite the relatively high adjusted R's for several of these altemative measures it is im- portant to examine the source of this explanatory power. There is a very mixed set of associations between our I4 governance factors and these six additional measures. In the interests of brevity, we briefly summarize these associations rather than tabulating the results.