-scheduled macroeconomic announcements. The first risk arises from the uncertain content of the news itself and is directional in nature, while … the second risk is associated with the “heightened uncertainty” in anticipation of a pre-scheduled announcement, relating … in particular to its potential market impact. Theoretically, we show that it is the resolution of this second risk prior …

-scheduled macroeconomic announcements. The first risk arises from the uncertain content of the news itself and is directional in nature, while … the second risk is associated with the "heightened uncertainty'' in anticipation of a pre-scheduled announcement, relating … in particular to its potential market impact. Theoretically, we show that it is the resolution of this second risk prior …