... credit and information risks faced by the lender (Duffie and Lando, 2001 ; Graham et al., 2008). Specifically, price terms (i.e. loan interest rate) become more favorable for loans granted to borrowers with more transparent information or lower default risk (Duffie and Lando, 2001 ; Graham...

...Richard Kent; Wenbin Long; Yupeng Yang; Daifei Yao Purpose We adopt an information risk view and argue that higher levels of pledge risk incurred by insiders incentivize opportunistic financial disclosure and impair the quality of information available to analysts to forecast firm performance...

... information Information risk Expected returns Cost of equity capital Implied cost of capital Journal of Accounting Literature 41 (2018) 142 172 Contents lists available at ScienceDirect Journal of Accounting Literature journal homepage: www.elsevier.com/locate/acclit Idiosyncratic information...