The informativeness of risk factor disclosures is a subject of debate. We predict and find that risk factor disclosures in 10-K filings reduce the chance of a large negative movement in stock prices—stock price crash risk. This effect is further identified through a difference-in-differences...

This paper proposes an early-warning bank risk measure based on the syndicate concentration of recent syndicated loans that a bank participates in. At the bank level, higher values of the measure predict greater risks (i.e., loan loss provisions, idiosyncratic return volatility, default...