the addition of several new chapters on risk sharing, asymmetric information, adverse selection, signaling and moral … asymmetric information in contractual relationships. It is richly illustrated with 150 figures. It is suitable for both self …

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 …

Companies in Europe and the US are required to explain the significant risk factors they face in their annual reports …. Prior studies provide mixed evidence of the informativeness of such textual risk disclosures, suggesting that these … disclosures are an amalgam of both boilerplate and informative risk factors. In this study, we differentiate between specific …