This paper investigates whether risk-related disclosure, which includes aggregate risk disclosure and its tone, including upside and downside risk disclosures, is value relevant for investors in the UK market. Based on 1941 firm-year observations for nonfinancial firms listed on the FTSE...

This paper examines the impact of loan loss provisions (LLPs) on return predictability during 1994-2017. We find that on average, LLPs are negatively associated with one year ahead stock returns. This effect is particularly significant during the global financial crisis but much weaker during...