Could do either, depending on what exactly you do.
Porting heads has no effect on C.R., since it's on the other side of the valves.
Boring a cylinder has little effect since you are increasing the cylinder volume uniformly.
Milling a head or decking a block will increase C.R. because you are decreasing the size of the combustion chamber
Stroking an engine (increasing piston travel) will also increase C.R.
Cams and valves have no effect on C.R.
Generally, the only time you lower C.R. is when you're pressurizing the intake system, as with a turbo or supercharger. This is sometimes done by doubling up head gaskets but can also be done using different pistons, heads or crankshaft.
Increased C.R. requires higher octane fuel, so it's not a large benefit on daily drivers unless you're willing to spend the $$$ on gas.