yields robust results that are in line with theory and prior literature: A one standard deviation increase in the quality of …

Research suggesting the existence of the accrual anomaly runs into the issue that risk serves as a competing … explanation for abnormal returns. This paper proposes a novel approach to distinguish between risk and anomaly explanations for … the negative association between accruals and returns. The intuition is that high risk stocks should experience relatively …

We develop a measure of how information events impact investors' expectations of risk. The measure is broadly … simultaneously conveys information on the announcer's expected future cash flows and risk profile. We empirically implement the … forecasting power for firms' risk profiles, costs of capital, and future investments. We further highlight pitfalls of using …

are increasingly concerned about the reputational risk of tax planning. Using RepRisk data to capture firms’ reputational … risk due to public scrutiny, this study examines the relationship between reputational risk and corporate tax planning. If … managers anticipate higher costs of tax planning in response to higher reputational risk, firms might adjust their tax behavior …

We test whether tax avoidance strategies are associated with greater firm risk. We find that low tax rates tend to be … associated with either future tax rate volatility or future overall firm risk. Our evidence suggests that, on average, corporate … tax avoidance is accomplished using strategies that are persistent and do not increase firm risk. We also find that the …

We explore the effects of tax avoidance and tax risk on stock return volatilities of U.S. firms. We find that firms … with very low and very high levels of tax avoidance and firms with high levels of tax risk have more volatile stock returns … expectations; in contrast, tax risk seems to affect stock returns through cash flow and discount rate channels. Furthermore, we …

significantly positively associated with future realized stock returns and also significantly correlates with commonly used risk …

Using new textual analysis techniques to extract a broad set of disclosed risk factors from firms' SEC filings, I … between firms' risk disclosures and their stock return volatilities and factor loadings. Finally, I form risk disclosure … portfolios and perform a style analysis to examine the disclosed risks associated with commonly used asset pricing risk factors …