Transparency effects include drop shadows, bevel and emboss, and more, and are found in the Properties panel and Effects panel.
To apply a drop shadow effect to an object:
Select the object with the Selection tool.
Click the fx button in the Properties panel to open the Transparency and Effects drop-down menu. Choose Drop Shadow to open the Effects dialog box. You can also open the Effects panel by choosing Window > Effects.
Adjust the drop shadow options. You can also explore other effects by turning them on or off in the panel on the left. Click OK to apply the effect.