"We estimate plant--level idiosyncratic risk in the U.S. manufacturing sector. Our proxy for risk is the volatility of … extent of cross-sectoral variation in idiosyncratic risk is remarkable. Plants in the most volatile sector are subject to at … least three times as much uncertainty as plants in the least volatile. Our evidence indicates that idiosyncratic risk is …

"This paper examines the movements of the Distance to Default (DD), a market-based measure of corporate default risk …