This paper examines the effect of textual risk disclosure on the amount of firm-specific information incorporated into share prices, as measured by stock price synchronicity, for Chinese listed firms during 2007-2011. We find that synchronicity is inversely associated with risk disclosure,...

This paper investigates the extent to which firms’ stock prices may incorporate aggregate risk disclosure levels differently depending on its time orientation, whether forward-looking or non-forward-looking. Using a sample period of ten years for the UK FTSE all-share non-financial firms, this...