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the firm's exposure to IST shocks and risk premia. Our calibrated model replicates: i) the predictability of returns by … returns by aggregate investment and valuation ratios; and v) a downward sloping term structure of risk premia for dividend …
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relationship between earnings per share and stock returns, but the effect of liquidity risk on this relationship was not …
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Prior research finds that mandatory risk factor disclosures are informative in that they increase investors … examining the association between Form 10-K risk factor disclosures and future cash flows levels and stock returns. We use the … these risks relate, and offer two main results. First, we find that tax risk factor disclosures are positively associated …
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This paper examines the effect of income smoothing on information uncertainty, stock returns, and cost of equity. I show that income smoothing through both total accruals and discretionary accruals tends to reduce firms' information uncertainty, as measured by stock return volatility, analyst...
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