SEC Market Risk Disclosures: Implications for Judgment and Decision Making

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Textual risk disclosures and investors’ risk perceptions (2013, unknown): “…does not distinguish between known and unknown risks and documents that mandated disclosures provide useful information about market risk factors (Hodder et al. 2001).5 Rajgopal (1999) finds that oil and gas firms’ disclosures about market exposures are associated with stock return sensitivities…”
Investor Psychology in Capital Markets: Evidence and Policy Implications (2001, unknown): “When investors are subject to framing biases, Hodder, Koonce, and McAnally (2001) point out that flexibility in reporting risks can cause investors to make mistakes such 53The Value at Risk methodology involves estimation of the maximum possible loss, where generally the probability of a greater…”
Corporate Risk Reporting (2008, background): “Hodder, Koonce, and McAnally (2001) maintain that narrative risk disclosures do not compensate for the lack of quantitative risk information because “even if companies do disclose this information, it is very difficult, if not impossible, for individuals to use this qualitative information to…”
The Effect of Mandated Market Risk Disclosures on Trading Volume Sensitivity to Interest Rate, Exchange Rate, and Commodity Price Movements (2002, background): “48 disclosures and comparing the exposures of companies making tabular, sensitivity, and VAR disclosures (Hodder et al. 2001).”