threshold. We assume risk neutral investors and that tax authorities integrate investors' reasoning in their decision on whether …. First, we find that even risk neutral investors will pay for tax certainty. Second, they enable us to explain the enormous …

We show theoretically that when Bayesian investors face time-series uncertainty about assets' risk exposures …, differences in their priors affect the pricing of risk in the cross-section: different priors for the same asset can generate … differences in perceived risk exposures, and thereby differences in required returns. The main testable implication is that the …

low risk aversion. Our findings suggest that ATRs can effectively fight tax uncertainty and stimulate investment. However …

risk aversion. Our findings suggest that ATRs can effectively fight tax uncertainty and stimulate investment. However …

valuation uncertainty stocks. Stocks in the short leg earn average returns indistinguishable from the risk-free rate – turning …

Important audit judgments concerning client selection, audit program planning and risk assessment all may be impacted … by the approach taken to assess risk and to interpret audit evidence. This experimental study examines whether auditors …' risk assessments are influenced by the risk assessment approach and by assertion framing. Risk assessment approach was …