Forward-Looking MD&A Disclosures and the Information Environment

References

• Aboody D, Kazsnik R (2000) CEO stock option awards and the timing of corporate voluntary disclosures. J. Accounting Econom. 29(1):73–100.Crossref, Google Scholar
• Ajinkya B, Gift M (1984) Corporate managers' earnings forecasts and symmetrical adjustments of market expectations. J. Accounting Res. 22(2):425–444.Crossref, Google Scholar
• Andersen TG (1996) Return volatility and trading volume: An information flow interpretation of stochastic volatility. J. Finance 51(1):169–204.Crossref, Google Scholar
• Anthony JH, Ramesh K (1992) Association between accounting performance measures and stock prices: A test of the life cycle hypothesis. J. Accounting Econom. 15(2–3):203–227.Crossref, Google Scholar
• Barron O, Kile C, O'Keefe T (1999) MD&A quality as measured by the SEC and analysts' earnings forecasts. Contemporary Accounting Res. 16(1):75–109.Crossref, Google Scholar
• Bens D, Monahan S (2004) Disclosure quality and excess value of diversification. J. Accounting Res. 42(4):691–730.Crossref, Google Scholar
• Beyer A, Cohen DA, Lys TZ, Walther BR (2010) The financial reporting environment: Review of recent literature. J. Accounting Econom. 50(2–3):296–343.Crossref, Google Scholar
• Brown SV, Tucker JW (2011) Large-sample evidence on firms' year-over-year MD&A modifications. J. Accounting Res. 49(2):309–346.Crossref, Google Scholar
• Bryan S (1997) Incremental information content of required disclosures contained in management discussion and analysis. Accounting Rev. 72(2):285–301.Google Scholar
• Clarkson P, Kao J, Richardson G (1999) Evidence that management discussion and analysis (MD&A) is a part of firm's overall disclosure package. Contemporary Accounting Res. 16(1):111–134.Crossref, Google Scholar
• Cole C, Jones C (2005) Management discussion and analysis: A review and implications for future research. J. Accounting Literature 24:135–174.Google Scholar
• Collins D, Kothari SP, Shanken J, Sloan R (1994) Lack of timeliness and noise as explanations for the low contemporaneous return-earnings association. J. Accounting Econom. 18(3):289–324.Crossref, Google Scholar
• Core J (2001) A review of the empirical disclosure literature: Discussion. J. Accounting Econom. 31(1–3):441–456.Crossref, Google Scholar
• Davis AK, Tama-Sweet I (2011) Managers' use of language across alternative disclosure outlets: Earnings press releases versus MD&A. Contemporary Accounting Res. 29(3):804–837.Crossref, Google Scholar
• Dye R (1985) Disclosure of nonproprietary information. J. Accounting Res. 23(1):123–145.Crossref, Google Scholar
• Feldman R, Govindaraj S, Livnat J, Segal B (2010) Management's tone change, post earnings announcement drift and accruals. Rev. Accounting Stud. 15(4):915–953.Crossref, Google Scholar
• Garmong S (2007) Management discussion and analysis. Carmichael DR, Whittington OR, Graham L, eds. Accountants' Handbook, Volume One: Financial Accounting and General Topics, 11th ed., Chap. 8 (John Wiley & Sons, Hoboken, NJ).Google Scholar
• Gelb S, Zarowin P (2002) Corporate disclosure policy and the informativeness of stock prices. Rev. Accounting Stud. 7(1):33–52.Crossref, Google Scholar
• Grossman S (1981) The informational role of warranties and private disclosure about product quality. J. Law Econom. 24(3):461–483.Crossref, Google Scholar
• Grossman S, Hart O (1980) Takeover bids, the free-rider problem, and the theory of the corporation. Bell J. Econom. 11(1):42–64.Crossref, Google Scholar
• Hayn C (1995) The information content of losses. J. Accounting Econom. 20(2):125–153.Crossref, Google Scholar
• Heflin F, Subramanyam KR, Zhang Y (2003) Regulation FD and the financial information environment: Early evidence. Accounting Rev. 78(1):1–37.Crossref, Google Scholar
• Hirst DE, Koonce L, Venkataraman S (2008) Management earnings forecasts: A review and framework. Accounting Horizons 22(3):315–338.Crossref, Google Scholar
• Hüfner B (2007) The SEC's MD&A: Does it meet the informational demands of investors? A conceptual evaluation. Schmalenbach Bus. Rev. 59(1):58–84.Crossref, Google Scholar
• Hussainey K, Walker M (2009) The effects of voluntary disclosure policy and dividend propensity on prices leading earnings. Accounting Bus. Res. 39(1):37–55.Crossref, Google Scholar
• Hussainey K, Schleicher T, Walker M (2003) Undertaking large-scale disclosure studies when AIMR-FAF ratings are not available: The case of prices leading earnings. Accounting Bus. Res. 33(4):275–294.Crossref, Google Scholar
• Hutton AP, Stocken PC (2010) Prior forecasting accuracy and investor reaction to management earnings forecasts. Working paper, Dartmouth College, Dartmouth, NH.Google Scholar
• Ivers M (1991) The Random House Guide to Good Writing (Random House, New York).Google Scholar
• Kothari SP, Shu S, Wysocki P (2009) Do managers withhold bad news? J. Accounting Res. 47(1):241–276.Crossref, Google Scholar
• Lang M, Lundholm R (1993) Cross-sectional determinants of analyst ratings of corporate disclosures. J. Accounting Res. 31(2):246–259.Crossref, Google Scholar
• Lang M, Lundholm R (1996) Corporate disclosure policy and analyst behavior. Accounting Rev. 71(4):467–492.Google Scholar
• Lang M, Lundholm R (2000) Voluntary disclosure and equity offerings: Reducing information asymmetry or hyping the stock? Contemporary Accounting Res. 17(4):623–645.Crossref, Google Scholar
• Li F (2008) Annual report readability, current earnings, and earnings persistence. J. Accounting Econom. 45(2–3):221–247.Crossref, Google Scholar
• Li F (2010) The information content of forward-looking statements in corporate filings—A naive Bayesian machine learning approach. J. Accounting Res. 48(5):1049–1102.Crossref, Google Scholar
• Lundholm R, Myers L (2002) Bringing the future forward: The effect of disclosure on the returns-earnings relation. J. Accounting Res. 40(3):809–839.Crossref, Google Scholar
• McNichols M (1989) Evidence of information asymmetries from management earnings forecasts and stock returns. Accounting Rev. 64(1):1–27.Google Scholar
• Microsoft Corporation (2006) Annual report on Form 10-K for Microsoft Corporation. SEC 10-K filing, U.S. Securities and Exchange Commission, Washington, DC. http://www.sec.gov/Archives/edgar/data/789019/000119312506180008/d10k.htm.Google Scholar
• Microsoft Corporation (2007) Annual report on Form 10-K for Microsoft Corporation. SEC 10-K filing, U.S. Securities and Exchange Commission, Washington, DC. https://www.sec.gov/Archives/edgar/data/789019/000119312507170817/d10k.htm.Google Scholar
• Milgrom P (1981) Good news and bad news: Representation theorems and applications. Bell J. Econom. 12(2):380–391.Crossref, Google Scholar
• Nagar V, Nanda D, Wysocki P (2003) Discretionary disclosure and stock-based incentives. J. Accounting Econom. 34(1–3):283–309.Crossref, Google Scholar
• Pava ML, Epstein MJ (1993) How good is MD&A as an investment tool? J. Accountancy 175(3):51–53.Google Scholar
• Schleicher T, Hussainey K, Walker M (2007) Loss firms' annual report narratives and share price anticipation of earnings. British Accounting Rev. 39(2):153–171.Crossref, Google Scholar
• Securities and Exchange Commission (SEC) (1980) Amendments to Annual Report Form, Related Forms, Rules, Regulations and Guides: Integration of Securities' Acts Disclosure System. Securities Act Release 33-6234, U.S. Securities and Exchange Commission, Washington, DC.Google Scholar
• Securities and Exchange Commission (SEC) (1987) Concept Release on Management's Discussion and Analysis of Financial Condition and Results of Operations. Securities Act Release 33-6711, U.S. Securities and Exchange Commission, Washington, DC.Google Scholar
• Securities and Exchange Commission (SEC) (1989) Management's Discussion and Analysis of Financial Condition and Results of Operations; Certain Investment Company Disclosures. Securities Act Release 33-6835, U.S. Securities and Exchange Commission, Washington, DC.Google Scholar
• Securities and Exchange Commission (SEC) (2003) Commission Guidance Regarding Management's Discussion and Analysis for Financial Condition and Results of Operations. Securities Act Release 33-8350, U.S. Securities and Exchange Commission, Washington, DC.Google Scholar
• Skinner D (1994) Why firms voluntarily disclose bad news. J. Accounting Res. 32(1):38–61.Crossref, Google Scholar
• Smith C, Watts R (1992) The investment opportunity set and corporate financing, dividend, and compensation policies. J. Financial Econom. 32(3):263–292.Crossref, Google Scholar
• Tavcar LR (1998) Make the MD&A more readable. CPA J. 68(1):10.Google Scholar
• Trueman B (1997) Managerial disclosures and shareholder litigation. Rev. Accounting Stud. 2(2):181–199.Crossref, Google Scholar
• Tucker JW, Zarowin PA (2006) Does income smoothing improve earnings informativeness? Accounting Rev. 81(1):251–270.Crossref, Google Scholar
• Verrecchia RE (1983) Discretionary disclosure. J. Accounting Econom. 5:179–194.Crossref, Google Scholar
• Wang Y-H, Lin C-H (2004) A multimedia database supports English distance learning. Information Sci. 158(1):189–208.Crossref, Google Scholar