Drawing upon accounting-based asset pricing model and insights from theories of information asymmetry and cognitive psychology, this study investigates the risk implications of accounting information disclosure from dual perspectives: firm-specific risk and market risk. Our findings reveal a positive association between earnings management and both firm-specific and market risk effects of accounting information, underscoring the presence of post-disclosure risk effects. Heterogeneity analysis further uncovers the moderating roles of factors such as accounting firm size, company tenure, and regional economic growth in firm-specific risk effects, while corporate governance structures influence market risk effects. This study enriches the theoretical literature on accounting information and risk effects.