Risk factor 1: Fundamentals of a company
- CEO change
This is not exactly a black swan event as most likely employees and board of the company would have gotten wind before the news is officially out. However, to retail investors who don't or can't really scuttlebutt, it is sometimes hard to react in time.
One fine example was the IBM CEO change which strongly enhanced sentiments and caused a major spike in share price this early Feb. I was forced to cut loss on my short position then.

- Operating margin / revenue change
That's why market is very sensitive to earnings report. Just take a look at how the US stocks fluctuate when the season is in. You don't want to be longing or shorting one day before the earnings come out, unless you are insider.

- Debts to...