Does Idiosyncratic Volatility Proxy for Risk Exposure

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Investor Sentiment and Economic Forces (2017, background): “These factors include the cash flow news and the discount rate news of Campbell and Vuolteenaho (2004) and the average correlation and the average volatility factors of Chen and Petkova (2012).”
Charles A. Dice Center for Research in Financial Economics The Implied Cost of Capital: A New Approach (2010, unknown): “Chen and Petkova (2012) argue that a stock’s exposure to the average variance component of the market variance explains the idiosyncratic volatility puzzle.”
The Common Factor in Idiosyncratic Volatility: Quantitative Asset Pricing Implications (2014, methodology): “Ang, Hodrick, Xing, and Zhang (2006) show that stocks with high idiosyncratic volatility earn abnormally low average returns, while Chen and Petkova (2012) argue that this fact can be explained with an average volatility factor. Double-sorted portfolios on CIV-beta and idiosyncratic volatility displ”