How Well Do Adverse Selection Components Measure Adverse Selection

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Market Evidence on the Opaqueness of Banking Firms' Assets (2004, background): “Van Ness et al. (2001) share these reservations, concluding that they cannot say whether these models are capturing uncertainty due to information problems, or some other costs.”
Corporate Governance and Equity Liquidity: Analysis of S&P Transparency and Disclosure Rankings (2007, unknown): “Following Lin et al. (1995) and Van Ness et al. (2001), the logarithms of the transaction price and the quote midpoint are used to yield a continuously compounded rate of return for the dependent variable, and a relative spread for the independent variable.”