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Persistent link: https://www.econbiz.de/10012195758
Firm-specific information can affect expected returns if it affects investor uncertainty about risk-factor loadings. We show that a stock's expected return is decreasing in factor-loading uncertainty, controlling for the average level of its factor loading. When loadings are persistent, learning...
Persistent link: https://www.econbiz.de/10009317420
Persistent link: https://www.econbiz.de/10011295571
We study the implications of accounting information quality on banks' risk-taking behavior. We show that the accounting information precision has a non-monotonic effect on banks' risk-taking decisions. Surprisingly, when information precision is low, an improvement in precision actually induces...
Persistent link: https://www.econbiz.de/10012975701