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 …

than absolute) change in taxes. Second, the respondents should be given the option to answer based on information about the … positions of large parties and interest groups with known political orientation rather than based on the raw policy information …