Most firms covary more positively with downmarkets than upmarkets—a phenomenon I refer to as “risk asymmetry.” I … predict and find that risk asymmetry is caused, at least in part, by a firm's ability to selectively obfuscate poor … performance. Risk asymmetry decreases significantly when firms are required to adhere to the more stringent auditing standards …

Increasingly adverse climatic conditions have created greater systematic risk for companies throughout the global … economy. Few studies have directly examined the consequences of climate-related risk on financing choices by publicly …-listed firms across the globe. We attempt to do so using the Global Climate Risk Index compiled and published by Germanwatch (Kreft …

breach. Parties appear to negotiate reps consistent with the risk allocation necessary in an agreement, utilizing reps to …. These results highlight the importance of reps in risk allocation, reducing information asymmetry and creating value, but …

In this paper, I examine the impact of ambiguity (Knightian uncertainty), alongside that of risk, on firms’ voluntary … disclosure decisions. I confirm the well-known result that an increase in risk— uncertainty over outcomes—is associated with an … which risk impacts managers’ disclosure decisions have been extensively studied in the accounting literature, no extant …