Global supply chains are incredibly complex and are poorly understood. Wars, natural disasters, port closures, and cyberattacks make supply chains highly vulnerable. Yet, even though recent events highlight that supply chain shocks are an important source of disruption, research knows little about whether firms systematically update their investors about the ex-ante probability that such shocks may occur and any perceived changes in this source of risk. We are also unable to quantify the effects of supply chain risk on corporate policies.