Forward-Looking MD&A Disclosures and the Information Environment

Volkan Muslu
Volkan Muslu
[email protected]
Bauer College of Business, University of Houston, Houston, Texas 77004
Search for more papers by this author
,
Suresh Radhakrishnan
Suresh Radhakrishnan
[email protected]
Jindal School of Management, University of Texas at Dallas, Richardson, Texas 75080
Search for more papers by this author
,
K. R. Subramanyam
K. R. Subramanyam
[email protected]
Marshall School of Business, University of Southern California, Los Angeles, California 90089; and Indian School of Business, Hyderabad 5000032, India
Search for more papers by this author
,
Dongkuk Lim
Dongkuk Lim
[email protected]
College of Business, Idaho State University, Pocatello, Idaho 83201
Search for more papers by this author

Volkan Muslu

[email protected]

Bauer College of Business, University of Houston, Houston, Texas 77004

Search for more papers by this author

Suresh Radhakrishnan

[email protected]

Jindal School of Management, University of Texas at Dallas, Richardson, Texas 75080

Search for more papers by this author

K. R. Subramanyam

[email protected]

Marshall School of Business, University of Southern California, Los Angeles, California 90089; and Indian School of Business, Hyderabad 5000032, India

Search for more papers by this author

Dongkuk Lim

[email protected]

College of Business, Idaho State University, Pocatello, Idaho 83201

Search for more papers by this author

Published Online:1 Aug 2014https://doi.org/10.1287/mnsc.2014.1921

Supplemental Material

mnsc.2014.1921-sm-data-ms.7z (37 MB)

Cited by
- The unintended consequence of fair competition: Evidence of corporate greenwashing in China
  Research in International Business and Finance, Vol. 90
- How does the U.S. Entity List affect the narrative information disclosure strategies of Chinese firms?
  China Journal of Accounting Research, Vol. 19, No. 3
- Shaping expectations, losing flexibility: A study of CEO promises as strategic communication tools
  20 March 2026 | Strategic Management Journal, Vol. 47, No. 7
- Labor market-based information transfer
  Journal of Accounting and Public Policy, Vol. 58
- Decoding the directives: a textual analysis of monetary policy
  30 July 2024 | Global Knowledge, Memory and Communication, Vol. 75, No. 5-6
- Do managers withhold information in high-uncertainty periods? Evidence from COVID-19 disclosures in 10-Q filings
  21 May 2025 | Accounting and Business Research, Vol. 56, No. 4
- Digital economy policy and corporate sustainable development: evidence from China’s national big data comprehensive pilot zone
  3 June 2026 | Industrial and Corporate Change, Vol. 316
- Diversity Snapshots: Intermodal Analysis of Firm Diversity Discourse
  7 April 2026 | Intelligent Systems in Accounting, Finance and Management, Vol. 33, No. 2
- Are more disclosures always better? Data asset information disclosure and cost of debt in China
  Emerging Markets Review, Vol. 72
- Beyond template disclosure: Dynamic coordination between risk-response disclosure and firm performance
  Finance Research Letters, Vol. 99
- Forward-Looking Disclosure with and Without Time Frames: Determinants, Market Responses, and Implications
  28 May 2026 | Journal of Risk and Financial Management, Vol. 19, No. 6
- Perceived uncertainty and family control
  Pacific-Basin Finance Journal, Vol. 99
- Digital Transformation, Information Advantage and Managerial Opportunism
  China Journal of Accounting Research, Vol. 37
- The power of ESG optimism: How Robinhood investors respond in real time
  The British Accounting Review, Vol. 30
- Managing nature’s challenges: how biodiversity concerns drive ESG performance
  14 May 2026 | China Finance Review International, Vol. 95
- Managerial ability and narrative R&D disclosures
  15 May 2025 | Applied Economics Letters, Vol. 33, No. 8
- Current Expected Credit Losses (CECL) Standard and Banks’ Information Production
  16 April 2026 | The Accounting Review, Vol. 101, No. 3
- Environmental Policy and ESG Greenwashing
  4 May 2026 | Sustainability, Vol. 18, No. 9
- Non‐Answers on Social Media and Stock Price Crash Risk
  24 April 2026 | Financial Management, Vol. 62
- Does Reverse Mixed Ownership Affect Management Emotion? Evidence from Private Firms in China
  24 September 2025 | Emerging Markets Finance and Trade, Vol. 62, No. 5
- Non-English textual analysis with large language models: Analysts’ use of MD&A sentiment in earnings forecasting
  Journal of Contemporary Accounting & Economics, Vol. 22, No. 1
- Reporting good after doing good? Investigating the relationship between CSR performance and disclosure readability
  23 March 2026 | Journal of Accounting in Emerging Economies, Vol. 16, No. 2
- MD&A disclosure and investment efficiency: evidence from Chinese listed firms
  2 December 2025 | International Journal of Accounting & Information Management, Vol. 34, No. 2
- Investor distraction and multi-dimensional financial narrative
  9 March 2026 | Review of Accounting Studies, Vol. 31, No. 1
- Uncovering interfirm links through textual topic similarity: A comomentum analysis in financial markets
  The British Accounting Review, Vol. 58, No. 2
- Does uncertainty disclosure tone influence insider sales profitability?
  International Review of Economics & Finance, Vol. 106
- Financial statement comparability and qualitative disclosures
  Journal of Accounting and Public Policy, Vol. 56
- Behind booms: the digitalization of underperforming Chinese companies
  Journal of Business Research, Vol. 206
- Forecasting stock market volatility with policy focus shifting: A GARCH-MIDAS model combined with machine learning approaches
  Pacific-Basin Finance Journal, Vol. 97
- The Price of Trust: How CEO Behavioral Integrity Shapes the Cost of Equity Capital
  8 February 2026 | International Review of Finance, Vol. 26, No. 1
- Forward-Looking Statements in Annual Reports and Firms’ Financing Constraints: A Machine Learning Approach
  2 July 2025 | The International Journal of Accounting, Vol. 61, No. 01
- Digital transformation of SMEs, action-oriented information disclosure, and enterprise value enhancement
  2 March 2025 | Applied Economics, Vol. 58, No. 9
- Stakeholder Satisfaction Interdependencies in 10-K Reports
  10 February 2026 | Journal of Business Ethics, Vol. 59
- How Regional Development Shapes the Link Between Managerial Climate Awareness and ESG Performance: The Role of Investment Behavior and Managerial Myopia
  12 October 2025 | Sustainable Development, Vol. 34, No. 1
- Forward‐Looking Statements and Investor Trading
  10 September 2025 | Journal of Business Finance & Accounting, Vol. 53, No. 1
- Beyond External Pressure: Executive Green Cognition as an Internal Governance Mechanism for Corporate Green Transformation
  16 February 2026 | Sustainability, Vol. 18, No. 4
- Managerial overconfidence and information opacity: evidence from China
  19 January 2026 | Review of Quantitative Finance and Accounting, Vol. 95
- Consentient Votes With Reservation: Independent Directors’ Signaling Efforts
  7 January 2026 | Journal of Accounting, Auditing & Finance, Vol. 29
- Greenwashing the future? Computational text analysis of environmental reporting from the fossil fuel industry
  6 January 2026 | Climate Policy, Vol. 58
- Rhetorical big baths following CEO turnovers
  The British Accounting Review, Vol. 29
- Impact of network nestedness on resistance and recovery of supply chain resilience
  International Journal of Production Economics, Vol. 291
- Uncertain Text and Price Reactions to Earnings Releases
  Journal of Banking & Finance, Vol. 182
- The Impact of Blockchain Implementation on Received and Provided Trade Credit
  IEEE Transactions on Engineering Management, Vol. 73
- Hidden Iceberg: The Informativeness of Analyst Silence After Corporate Site Visits
  10 October 2025 | British Journal of Management, Vol. 37, No. 1
- The Social Dynamics of Executive Perks: Fostering Innovation Through Stewardship
  30 August 2025 | European Financial Management, Vol. 32, No. 1
- Investor Distraction and Multi-Dimensional Financial Narrative
  1 January 2026 | SSRN Electronic Journal, Vol. 95
- The Predictive Power of Managerial Confidence: A Dynamic Mechanism of Attention and Reliability in China’s Stock Market
  6 January 2026 | Mathematics, Vol. 14, No. 2
- The impact of related party transactions (RPTs) and business strategy on future-oriented sustainability performance: Evidence from emerging Asian market
  16 May 2025 | Discover Sustainability, Vol. 6, No. 1
- When optimism hurts: Managerial expectations and investment inefficiency
  Finance Research Letters, Vol. 86
- Unleashing the effect of data asset information disclosure on corporate investment efficiency: Fresh evidence from double-debiased machine learning
  International Review of Economics & Finance, Vol. 104
- Do peer narrative disclosures support or disrupt efficient investment?
  International Review of Economics & Finance, Vol. 104
- The heart wants what it wants: Local bias and seasoned equity offerings bidding
  International Review of Financial Analysis, Vol. 108
- The private securities litigation reform act and post-earnings announcement drift
  Journal of Contemporary Accounting & Economics, Vol. 21, No. 3
- Stock market liberalization and corporate R&D disclosure: evidence from China
  Journal of International Money and Finance, Vol. 159
- The risk effects of corporate digitalization: exacerbate or mitigate?
  5 March 2025 | Humanities and Social Sciences Communications, Vol. 12, No. 1
- Strategic disclosure and informed trading with short‐selling constraints
  3 August 2025 | Contemporary Accounting Research, Vol. 42, No. 4
- Motivations Behind Companies' Riding the Wave on Interactive Platforms: From the Perspective of Insider Share Reductions
  8 August 2025 | Accounting & Finance, Vol. 65, No. 5
- A New Puzzle Piece for the “Sell in May, and Go Away” Anomaly: Regulatory Disclosures
  5 November 2025 | International Journal of Financial Studies, Vol. 13, No. 4
- Navigating domestic and overseas performance with artificial intelligence: opportunity or threat?
  12 November 2025 | Asia Pacific Journal of Management, Vol. 64
- Competitive pressure from peers, firm sizes and firms' risk-taking behaviours: machine learning evidence
  27 March 2024 | Journal of Accounting Literature, Vol. 47, No. 4
- MD&A readability and bank loan contracting: evidence from China
  27 July 2024 | Asia-Pacific Journal of Accounting & Economics, Vol. 32, No. 6
- Forward-looking disclosure of customer metrics in IPO prospectuses: stock market reactions and long-term profitability
  International Journal of Research in Marketing, Vol. 31
- Randomized inspection on listed companies and incremental information disclosure — A study based on MD&A text similarity
  Journal of Accounting and Public Policy, Vol. 54
- Synthesizing Emerging Best Practices for Forward-Looking Corporate Climate-Related Disclosure: Implications for Canada
  Canadian Public Policy, Vol. 51, No. S1
- Do Local Government Disclosures Affect Firm Valuation? Evidence from Government Work Reports
  2 December 2025 | China & World Economy, Vol. 33, No. 6
- Forward-Looking Management Discussions and Analysis Disclosure and Merger and Acquisition Outcomes
  22 October 2025 | Journal of Accounting, Auditing & Finance
- Digital Transformation Disclosure and Bank Loans: An Information Heterogeneity Perspective
  31 January 2025 | International Journal of Finance & Economics, Vol. 30, No. 4
- Digital transformation and corporate fraud: Evidence from China
  International Review of Financial Analysis, Vol. 106
- Exploring the Effect of Industrial Internet Platform Utilization on Technology Management Capability in SMEs: Evidence from China
  1 December 2025 | Sage Open, Vol. 15, No. 4
- Does Data Asset Information Disclosure Mitigate Supply Chain Risk? Causal Evidence from Double-Debiased Machine Learning
  25 September 2025 | Systems, Vol. 13, No. 10
- Speculative and Informative: Lessons from Market Reactions to Speculation Cues
  14 September 2025 | The Review of Corporate Finance Studies, Vol. 101
- To be or not to be digital? The impact of peer firms’ negative digitalization news
  10 September 2025 | Management Decision, Vol. 38
- Corporate financing constraints and environmental information disclosure hype
  International Review of Economics & Finance, Vol. 102
- Managerial myopia and greenwashing: A machine learning and text analysis approach
  International Review of Financial Analysis, Vol. 105
- Environmental tone and carbon market behavior: Understanding market dynamics through corporate environmental attitudes in China
  Structural Change and Economic Dynamics, Vol. 74
- Do changes in MD &A tone predict financial restatements? Evidence from Chinese listed companies
  14 February 2025 | Accounting & Finance, Vol. 65, No. 3
- Social Trust and the Disclosure of Letters to Shareholders
  24 August 2025 | Australian Accounting Review, Vol. 35, No. 3
- The power of spirit: CEOs ' university mottos and corporate innovation
  3 July 2025 | International Review of Finance, Vol. 25, No. 3
- FinTech and corporate pollution reduction
  Research in International Business and Finance, Vol. 80
- Textual attributes of biodiversity disclosures and risk exposure: an investigation into French listed companies
  24 July 2025 | Accounting in Europe, Vol. 28
- Data Assets and Firm Value: Empirical Evidence Based on Text Analysis
  6 January 2026
- Unlocking corporate innovation: Leveraging peers’ innovation-related narratives
  2 July 2025 | European Accounting Review, Vol. 4
- Unveiling themes in 10-K disclosures: A new topic modeling perspective
  International Review of Financial Analysis, Vol. 103
- Can online interactions help level the playing field for firms in different regions?
  1 March 2024 | Journal of Accounting Literature, Vol. 47, No. 3
- Talking about the Future to Address the Legitimacy Gap: Data Breaches and Forward-Looking Performance Disclosure
  4 June 2025 | The International Journal of Accounting, Vol. 72
- Customer risk disclosure and supplier innovation strategy: A risk spillover perspective
  Economic Modelling, Vol. 147
- The impact of customers’ MD&A sentiment on the bullwhip effect: A dyadic buyer-supplier perspective
  International Journal of Production Economics, Vol. 284
- The impact of ESG performances on analyst report readability: Evidence from China
  International Review of Financial Analysis, Vol. 102
- Do narrative-related disclosures in the annual report enhance firm value? New evidence from an emerging market
  International Review of Financial Analysis, Vol. 102
- Tone Management and Litigation Concerns in CEOs ’ Early Years
  5 September 2024 | Abacus, Vol. 61, No. 2
- CEO political ideology and risk factor disclosure
  18 November 2024 | Accounting & Finance, Vol. 65, No. 2
- Assessing the Efficacy of Corporate Disclosures in Fulfilling Stakeholders’ Information Needs: A Thematic Analysis
  22 February 2025 | Journal of Emerging Market Finance, Vol. 24, No. 2
- Bogging down investors: An unintended consequence of litigation risk
  7 March 2025 | Contemporary Accounting Research, Vol. 42, No. 2
- The impact of material internal control weaknesses, institutional ownership and managerial ownership on future-oriented disclosure: evidence from Islamic economy
  30 October 2023 | Journal of Islamic Accounting and Business Research, Vol. 16, No. 5
- Information transmission effect of forward-looking text: evidence from mergers and acquisitions report of Chinese listed firms
  17 January 2024 | Applied Economics Letters, Vol. 32, No. 9
- The real effects of disclosure in going private deals
  Journal of Accounting and Public Policy, Vol. 51
- The information content of managers' climate risk disclosure: Evidence from conference calls
  Journal of Accounting and Public Policy, Vol. 51
- Political costs and investors’ site visits: evidence from the section 301 investigation
  10 March 2024 | Applied Economics, Vol. 57, No. 20
- The interactive quality of earnings communication conferences and post-earnings-announcement drift
  11 March 2025 | China Journal of Accounting Studies, Vol. 13, No. 1-2
- Finance-specific large language models: Advancing sentiment analysis and return prediction with LLaMA 2
  Pacific-Basin Finance Journal, Vol. 90
- Climate Risk Disclosure and Financial Analysts’ Forecasts: Evidence from China
  3 April 2025 | Sustainability, Vol. 17, No. 7
- Disclosure Tone and Short-Selling Pressure: Evidence from Regulation-SHO
  3 November 2023 | European Accounting Review, Vol. 34, No. 2
- Predicting financial distress: the power of sentiment words in business plans
  15 March 2025 | The European Journal of Finance
- Information Transparency and Green Innovation in Manufacturing: A Life Cycle Perspective with Industry Heterogeneity Analysis
  13 August 2025 | Journal of Information Economics, Vol. 3, No. 1
- Tapping into the configurational paths to employee digital innovation in the realm of the dualistic AMO framework
  30 November 2023 | European Journal of Innovation Management, Vol. 28, No. 3
- How do managers use MD&A disclosures to respond to negative news?
  China Journal of Accounting Research, Vol. 18, No. 1
- Leadership characteristics and digital transformation in an emerging market: The moderating effect of compliance pressure
  International Review of Economics & Finance, Vol. 98
- Do female executives play a role in corporate green business philosophy?
  International Review of Financial Analysis, Vol. 99
- Court Disclosures of Firms in Chapter 11 Bankruptcy
  25 September 2024 | Journal of Accounting Research, Vol. 63, No. 1
- Long‐term orientation and outward foreign direct investment: Evidence from Chinese listed firms
  28 November 2024 | The World Economy, Vol. 48, No. 3
- Revealed Proprietary Information Disclosure
  29 January 2025 | The Accounting Review, Vol. 100, No. 2
- Encourage or inhibit: A study on the impact of corporate digital transformation on management’s tone manipulation of information disclosure
  25 February 2025 | PLOS ONE, Vol. 20, No. 2
- Controlling shareholder equity pledging and tone management: Evidence from China
  Research in International Business and Finance, Vol. 74
- Forward-looking information: does IIRC framework adoption matter?
  26 August 2024 | Sustainability Accounting, Management and Policy Journal, Vol. 16, No. 1
- Digitalization and firms' systematic risk in China
  17 January 2024 | International Journal of Finance & Economics, Vol. 30, No. 1
- Does data asset disclosure contribute to the market efficiency? Evidence from China
  Research in International Business and Finance, Vol. 73
- Identifying contextual content-based risk drivers for advanced risk management strategies
  Research in International Business and Finance, Vol. 73
- The Real Effects of Disclosure in Going Private Deals
  1 January 2025 | SSRN Electronic Journal, Vol. 96
- The impact of ESG performances on analyst report readability: Evidence from China
  1 January 2025 | SSRN Electronic Journal, Vol. 13
- Unlocking corporate innovation: Leveraging peers' innovation-related narratives
  1 January 2025 | SSRN Electronic Journal, Vol. 43
- Annual report tone and divergence of opinion: evidence from textual analysis
  19 May 2024 | Journal of Applied Economics, Vol. 27, No. 1
- RETRACTED: Context‐Based Interpretation of Financial Information
  18 December 2024 | Journal of Accounting Research, Vol. 1
- Managerial Time Orientation, Corporate Resource Allocation, and Firm Resilience
  5 April 2024 | Journal of the Knowledge Economy, Vol. 15, No. 4
- The Information content of annual report and cost of equity capital: Based on Text Vectorization Method
  Finance Research Letters, Vol. 70
- Managerial macroeconomic perception and systemic risk in China
  Pacific-Basin Finance Journal, Vol. 88
- Can digital technology adoption promote environmental innovation in small and medium-sized enterprises (SMEs)? Evidence from China
  Science of The Total Environment, Vol. 955
- Non-financial information farsightedness and capital market information efficiency
  10 September 2024 | Humanities and Social Sciences Communications, Vol. 11, No. 1
- Executive individualism and the tone of firms' annual reports
  2 July 2024 | Accounting & Finance, Vol. 64, No. 5
- Data assetization and capital market information efficiency: evidence from Hidden Champion SMEs in China
  30 October 2024 | Future Business Journal, Vol. 10, No. 1
- Revealing the risk perception of investors using machine learning
  15 July 2024 | The European Journal of Finance, Vol. 30, No. 17
- Strategic forward-looking nonearnings disclosure and overinvestment
  The British Accounting Review, Vol. 56, No. 6
- Environmental Disclosure and the Cost of Capital: Evidence from the Fukushima Nuclear Disaster
  21 May 2023 | European Accounting Review, Vol. 33, No. 5
- Disclosure Regulation and Price Informativeness: Evidence from Industry-Information Disclosure Guidelines in China
  12 July 2024 | European Accounting Review, Vol. 33, No. 5
- The influence of socially responsible practices on corporate hedging
  The British Accounting Review, Vol. 10
- Forward-looking disclosure effects on stock liquidity in China: Evidence from MD&A text analysis
  International Review of Financial Analysis, Vol. 95
- Do successive performance matter for tone management? Evidence from China
  16 June 2024 | Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad, Vol. 53, No. 4
- Policy perception of Chinese private firms and corporate investment efficiency: evidence from textual analysis
  1 April 2025 | China Journal of Accounting Studies, Vol. 12, No. 4
- Trade policy uncertainty and the patent bubble in China: evidence from machine learning
  29 January 2024 | Asia-Pacific Journal of Accounting & Economics, Vol. 31, No. 5
- Impression management, forward-looking strategy-related disclosure, and excess executive compensation: Evidence from China
  The British Accounting Review, Vol. 56, No. 5
- Be alert of the hyped words around fancy tech! Strategic digitalization disclosure under earnings pressure
  Finance Research Letters, Vol. 67
- ‘Making text talk’: The minutes of the Central Bank of Brazil and the real economy
  Journal of International Money and Finance, Vol. 147
- Algorithmic Trading and Forward‐Looking MD&A Disclosures
  1 April 2024 | Journal of Accounting Research, Vol. 62, No. 4
- Product Market Competition and Stock Price Crash Risk: Evidence from China
  20 June 2024 | The International Journal of Accounting, Vol. 59, No. 03
- The influence of short-term managerial myopia on supply chain concentration: The moderating role of long-term incentives for the supervisory board
  Transportation Research Part E: Logistics and Transportation Review, Vol. 188
- Forward-looking information disclosure tone, financing constraints and marketing expenditures
  5 December 2023 | Asia-Pacific Journal of Accounting & Economics, Vol. 31, No. 4
- Risk guidance and anti-corruption language: evidence from corporate codes of conduct
  17 March 2023 | Journal of Risk Research, Vol. 27, No. 7
- Managerial climate attention and corporate carbon emissions: Sincerity or disguise？
  International Review of Economics & Finance, Vol. 94
- Peer effects in corporate financialization: The role of Fintech in financial decision making
  International Review of Financial Analysis, Vol. 94
- Does management tone matter in information disclosure? Evidence from IPO online roadshows in the SSE STAR market
  International Review of Financial Analysis, Vol. 94
- The determinants of linguistic features in key audit matters: Empirical evidence from Europe
  8 January 2024 | International Journal of Auditing, Vol. 28, No. 3
- Measuring Corporate Human Capital Disclosures: Lexicon, Data, Code, and Research Opportunities
  14 June 2024 | Journal of Information Systems, Vol. 38, No. 2
- Abnormal Disclosure Tone in MD&A and Analysts’ Earnings Forecast: Evidence from China
  14 December 2023 | Emerging Markets Finance and Trade, Vol. 60, No. 8
- Administrative penalties and corporate CSR disclosure strategies
  17 February 2024 | Managerial and Decision Economics, Vol. 45, No. 4
- Proprietary costs and the equity financing choice
  25 January 2023 | Review of Accounting Studies, Vol. 29, No. 2
- Accounting fraud detection using contextual language learning
  International Journal of Accounting Information Systems, Vol. 53
- How informative is question-and-answer similarity to financial analysts? Evidence from Chinese earnings communication conferences
  Economic Modelling, Vol. 135
- The effects of manager sentiment in financial disclosure: Perspectives of operational efficiency and market reaction
  Finance Research Letters, Vol. 64
- Talking and walking: Corporate digital transformation and government subsidies
  Finance Research Letters, Vol. 64
- Risk factors disclosure and corporate philanthropy
  International Review of Financial Analysis, Vol. 93
- When they say ‘not affected’, what do they mean? Evidence from trade disputes
  Pacific-Basin Finance Journal, Vol. 84
- Understanding the impact of trade policy effect uncertainty on firm‐level innovation investment
  4 December 2023 | Journal of Operations Management, Vol. 70, No. 2
- Digitalization and corporate investment efficiency: Evidence from China
  Journal of International Financial Markets, Institutions and Money, Vol. 91
- Institutional investor ESG activism and corporate green innovation against climate change: Exploring differences between digital and non-digital firms
  Technological Forecasting and Social Change, Vol. 200
- Managerial extraversion and corporate voluntary disclosure
  10 November 2023 | Contemporary Accounting Research, Vol. 41, No. 1
- Financial statement adequacy and firms' MD&A disclosures
  18 January 2024 | Contemporary Accounting Research, Vol. 41, No. 1
- Forward-Looking Sustainability Information and Financial Analysts
  14 February 2024 | Journal of International Accounting Research, Vol. 23, No. 1
- Reputation of Financial Advisors and Spillover Effect of M&As Supervisory Inquiry
  China Journal of Economics, Vol. 11, No. 1
- The managerial perception of uncertainty and cost elasticity
  Journal of Accounting and Economics, Vol. 77, No. 1
- Why do audit clients voluntarily disclose the compliance and planning components of auditor provided tax services?
  Journal of Accounting and Public Policy, Vol. 43
- The Janus-Faced Family SMEs: Family Management and Digitalization
  IEEE Transactions on Engineering Management, Vol. 71
- Measuring Corporate Human Capital Disclosures: Lexicon, Data, Code, and Research Opportunities
  1 January 2024 | SSRN Electronic Journal, Vol. 37
- Internal Information Asymmetry and Decentralized Disclosure: Evidence from Textual Analysis of Company Responses to Investor Questions *
  1 January 2024 | SSRN Electronic Journal, Vol. 79
- Bank Sentiment and Loan Loss Provisioning
  1 January 2024 | SSRN Electronic Journal, Vol. 106
- ESG Voice Evidence from Online Investor-Firm Interactions in China
  1 January 2024 | SSRN Electronic Journal, Vol. 84
- Text-Based Innovation Measure and Firm Performance
  1 January 2024 | SSRN Electronic Journal, Vol. 4
- Assessing Firm-Level Carbon Exposure Based on Investor Inquiries: Evidence From China's Online Investor-Firm Interactive Platforms
  1 January 2024 | SSRN Electronic Journal, Vol. 51
- Giving Retail Investors a Say in Disclosure
  1 January 2024 | SSRN Electronic Journal, Vol. 144
- Do Successive Performance matter for Tone Management? Evidence from China
  1 January 2024 | SSRN Electronic Journal, Vol. 23
- The Sound of Uncertainty: Examining Managerial Acoustic Uncertainty in Conference Calls
  1 January 2024 | SSRN Electronic Journal, Vol. 62
- Efficient access to qualitative data: a case of MD&A analysis from 10-K with Python via SEC’s API
  1 September 2022 | Applied Economics Letters, Vol. 30, No. 21
- Supply chain risk disclosure and seasoned equity offering discount
  Pacific-Basin Finance Journal, Vol. 82
- Managerial tone and investors' hedging activities: Evidence from credit default swaps
  20 March 2023 | Accounting & Finance, Vol. 63, No. 4
- Financial constraints and political catering disclosures of non‐state‐owned firms: Evidence from textual analysis
  2 June 2023 | Accounting & Finance, Vol. 63, No. 4
- Do firms adopting cloud computing technology exhibit higher future performance? A textual analysis approach
  International Review of Financial Analysis, Vol. 90
- Tone management and stock price crash risk
  Journal of Accounting and Public Policy, Vol. 42, No. 6
- Sustainable fingerprint – Using textual analysis to detect how listed EU firms report about ESG topics
  Journal of Cleaner Production, Vol. 426
- Peer effects of corporate product quality information disclosure: Learning and competition
  Journal of International Financial Markets, Institutions and Money, Vol. 88
- Environmental benefits of enterprise digitalization in China
  Resources, Conservation and Recycling, Vol. 197
- Application of Latent Semantic Analysis in Accounting Research
  25 October 2023 | Journal of Information Systems, Vol. 37, No. 3
- Financial crisis early warning of Chinese listed companies based on MD&A text-linguistic feature indicators
  21 September 2023 | PLOS ONE, Vol. 18, No. 9
- Voluntary Precision Disclosure and Endogenous Market Feedback
  Jan Schneemeier
  18 October 2022 | Management Science, Vol. 69, No. 9
- Textual analysis and detection of financial fraud: Evidence from Chinese manufacturing firms
  Economic Modelling, Vol. 126
- PEAD.txt: Post-Earnings-Announcement Drift Using Text
  17 October 2022 | Journal of Financial and Quantitative Analysis, Vol. 58, No. 6
- Fact or Opinion? – Essential Value for Financial Results Briefing
- Share pledge and qualitative information disclosures: Evidence from the tone of management discussion and analysis
  Economic Analysis and Policy, Vol. 78
- Stock price informativeness of risk disclosure: Does time orientation matter?
  The Quarterly Review of Economics and Finance, Vol. 89
- Customers’ managerial expectations and suppliers’ asymmetric cost management
  1 June 2023 | Production and Operations Management, Vol. 32, No. 6
- Textual Analysis in Accounting: What's Next?*
  7 December 2022 | Contemporary Accounting Research, Vol. 40, No. 2
- Does short sales deregulation affect qualitative information disclosure?
  1 July 2022 | Accounting & Finance, Vol. 63, No. S1
- Earnings manipulation and similarity of annual report disclosure: Evidence from China
  13 March 2023 | Accounting & Finance, Vol. 63, No. S1
- International Earnings Announcements: Tone, Forward-looking Statements, and Informativeness
  23 August 2021 | European Accounting Review, Vol. 32, No. 2
- The colour of finance words
  Journal of Financial Economics, Vol. 147, No. 3
- Narrative Investment-Risk Disclosure & REIT Investment
  30 March 2021 | The Journal of Real Estate Finance and Economics, Vol. 66, No. 2
- The impact of tax reform on firms' digitalization in China
  Technological Forecasting and Social Change, Vol. 187
- Future-oriented disclosure and corporate value: the role of an emerging economy corporate governance
  7 March 2022 | Journal of Applied Accounting Research, Vol. 24, No. 1
- Institutional ownership and the informativeness of disclosure tone
  8 July 2022 | Journal of Business Finance & Accounting, Vol. 50, No. 1-2
- Context-Based Interpretation of Financial Information
  1 January 2023 | SSRN Electronic Journal, Vol. 42
- Corporate Social Responsibility and Hedging Policies
  1 January 2023 | SSRN Electronic Journal, Vol. 10
- Fact or Opinion? – Essential Value for Financial Results Briefing
  1 January 2023 | SSRN Electronic Journal, Vol. 46
- Major Customers’ Strategic Disclosure Tone and Suppliers’ Investment Decisions
  1 January 2023 | SSRN Electronic Journal, Vol. 40
- Algorithmic Trading and Forward-Looking MD&A Disclosures
  1 January 2023 | SSRN Electronic Journal, Vol. 58
- Causal Analysis of Stakeholder Interdependencies in 10-K Reports
  1 January 2023 | SSRN Electronic Journal, Vol. 59
- Visual Information in the Age of AI: Evidence from Corporate Executive Presentations
  1 January 2023 | SSRN Electronic Journal, Vol. 108
- Greed to Good: Does CEOs Pay Gap Promote the Firm Digitalization?
  1 January 2023 | SSRN Electronic Journal, Vol. 11
- The Listenability of Disclosures and Firms’ Information Environment
  1 January 2023 | SSRN Electronic Journal, Vol. 70
- Real Effects of Mandatory Forward-Looking Disclosures: Evidence from a Natural Experiment
  1 January 2023 | SSRN Electronic Journal, Vol. 43
- Will executive equity incentives affect investor relations management: Empirical evidence from Chinese listed companies
  19 December 2022 | Frontiers in Psychology, Vol. 13
- The unintended benefit of the risk factor mandate of 2005
  14 April 2021 | Review of Accounting Studies, Vol. 27, No. 4
- Manager perception and proprietary investment disclosure
  5 August 2021 | Review of Accounting Studies, Vol. 27, No. 4
- Does mandatory CSR disclosure improve stock price informativeness? Evidence from China
  Research in International Business and Finance, Vol. 62
- Understanding investor interaction with firm information: A discussion of Lee and Zhong (2022)
  Journal of Accounting and Economics, Vol. 74, No. 2-3
- Client Consulting Opportunities and the Reemergence of Big 4 Consulting Practices: Implications for the Audit Market
  24 March 2022 | The Accounting Review, Vol. 97, No. 7
- The current state and prospects of China’s environmental, social, and governance policies
  3 October 2022 | Frontiers in Environmental Science, Vol. 10
- Short‐selling pressure and year‐over‐year MD&A modifications
  18 December 2021 | Accounting & Finance, Vol. 62, No. 3
- Redact to protect? Customers' incentive to protect information and suppliers’ disclosure strategies
  Journal of Accounting and Economics, Vol. 74, No. 1
- Firms' digitalization and stock price crash risk
  International Review of Financial Analysis, Vol. 82
- Information asymmetry, regulatory inquiry, and company mergers and acquisitions: evidence from Shenzhen Stock Exchange comment letters
  28 October 2021 | Accounting & Finance, Vol. 62, No. 2
- Industry tournament incentives and corporate hedging policies
  12 August 2021 | Financial Management, Vol. 51, No. 2
- Case study of Chinese and Korean airlines’ MD&As across countries, markets, and ownership—A regulatory perspective
  27 July 2022 | China Journal of Accounting Studies, Vol. 10, No. 2
- Linguistic specificity and stock price synchronicity
  China Journal of Accounting Research, Vol. 15, No. 1
- Non-Earnings Conference Calls: Content, Determinants, and Consequences
  15 January 2021 | Journal of Emerging Technologies in Accounting, Vol. 19, No. 1
- Comparing Apple to Amazon: Just a Matter of Words in the Machine Learning World
  26 April 2021 | Journal of Emerging Technologies in Accounting, Vol. 19, No. 1
- Do changes in MD&A section tone predict investment behavior?
  3 August 2021 | Financial Review, Vol. 57, No. 1
- Tone of Textual Information in Annual Reports and Regulatory Inquiry Letters: Data from China
  2 April 2021 | Emerging Markets Finance and Trade, Vol. 58, No. 2
- Narrative Reporting: State of the Art and Future Challenges
  2 April 2021 | Accounting in Europe, Vol. 19, No. 1
- Bank Risk Aggregation with Forward-Looking Textual Risk Disclosures
  16 March 2022
- Financial Statements-Based Bank Risk Aggregation Framework
  16 March 2022
- Bogging Down Investors: An Unintended Consequence of Litigation Risk
  SSRN Electronic Journal, Vol. 66
- Do Firms Provide Informative Disclosures in An Environment of Extreme Uncertainty? Evidence from the COVID-19 Pandemic
  SSRN Electronic Journal, Vol. 60
- Tone Management and Stock Price Crash Risk
  SSRN Electronic Journal, Vol. 39
- The Information Content of Managers’ Climate Risk Disclosure
  SSRN Electronic Journal, Vol. 101
- The Effects of ASC 606 on Revenue Recognition
  SSRN Electronic Journal, Vol. 34
- Current Expected Credit Losses (CECL) Standard and Banks' Information Production
  SSRN Electronic Journal, Vol. 40
- Leveraging An Information Mosaic: The Interplay between Private Meetings with Investors and Subsequent Earnings Announcements
  SSRN Electronic Journal, Vol. 5
- Understanding Investor Interaction with Firm Information: A Discussion of Lee and Zhong (2022)
  SSRN Electronic Journal, Vol. 68
- Stock Liquidity and Cost Behavior: Evidence from the Tick Size Pilot Program
  SSRN Electronic Journal, Vol. 58
- MD&A readability, auditor characteristics, and audit fees
  30 March 2021 | Accounting & Finance, Vol. 61, No. 4
- Effect of positive tone in MD&A disclosure on capital structure adjustment speed: evidence from China
  3 April 2021 | Accounting & Finance, Vol. 61, No. 4
- Does soft information determine credit risk? Text-based evidence from European banks
  Journal of International Financial Markets, Institutions and Money, Vol. 75
- The Effect of Internal Control Technology on the Information Transparency
- Project-Level Disclosure and Investment Efficiency: Evidence From China
  20 March 2020 | Journal of Accounting, Auditing & Finance, Vol. 36, No. 4
- Can CSR Disclosure Protect Firm Reputation During Financial Restatements?
  12 May 2020 | Journal of Business Ethics, Vol. 173, No. 1
- Information transmission along supply chains: Stock price reaction of suppliers upon a customer's release of qualitative risk information
  International Journal of Production Economics, Vol. 239
- A Text-Based Analysis of Corporate Innovation
  Gustaf Bellstam,
  Sanjai Bhagat,
  J. Anthony Cookson
  16 September 2020 | Management Science, Vol. 67, No. 7
- Examining the Effect of Linguistic Style in an MD&A on Stock Market Reaction
  20 March 2018 | International Journal of Business Communication, Vol. 58, No. 3
- Blame Attribution and Disclosure Propensity
  12 October 2020 | The Accounting Review, Vol. 96, No. 4
- Measuring credit risk using qualitative disclosure
  11 January 2021 | Review of Accounting Studies, Vol. 26, No. 2
- Análisis de los modelos de integración de la información financiera y no financiera en los grupos cotizados del IBEX 35
  15 April 2021 | Revista Galega de Economía
- Oil prices, earnings, and stock returns
  18 August 2020 | Review of Accounting Studies, Vol. 26, No. 1
- How Do Firms Change Investments Based on MD&A Disclosures of Peer Firms?
  22 May 2020 | The Accounting Review, Vol. 96, No. 2
- Disclosure tone management and labor unions
  28 August 2020 | Journal of Business Finance & Accounting, Vol. 48, No. 1-2
- Do Independent Directors Tell the Truth, the Whole Truth, and Nothing but the Truth When They Resign?
  4 July 2018 | Journal of Accounting, Auditing & Finance, Vol. 36, No. 1
- Understanding the Impact of Trade Policy Effect Uncertainty on Firm Innovation Investment: A Deep Learning Approach
  1 January 2021 | SSRN Electronic Journal, Vol. 109
- Future Earnings Information in Business Text
  SSRN Electronic Journal, Vol. 15
- Board Conduct in Banks
  SSRN Electronic Journal, Vol. 36
- Big Bath Accounting in Managerial Tone Following CEO Turnovers
  SSRN Electronic Journal, Vol. 53
- International Earnings Announcements: Tone, Forward-looking Statements, and Informativeness
  SSRN Electronic Journal, Vol. 72
- Stock Price Crash Risk and the Managerial Rhetoric Channel: Evidence from Narrative R&D Disclosure
  SSRN Electronic Journal, Vol. 55
- Effects of Information Overload on Financial Market Returns: How Much Is Too Much?
  SSRN Electronic Journal, Vol. 5
- Do Integrated Financial and Extra-Financial Narrative Disclosures in the Management Commentary Affect Firm Valuation? International Evidence
  SSRN Electronic Journal, Vol. 36
- Using Python for Text Analysis in Accounting Research
  3 December 2020 | Foundations and Trends® in Accounting, Vol. 14, No. 3-4
- Individual Analysts' Stock Recommendations, Earnings Forecasts, and the Informativeness of Conference Call Question and Answer Sessions
  17 February 2020 | The Accounting Review, Vol. 95, No. 6
- Business strategies and annual report readability
  11 July 2018 | Accounting & Finance, Vol. 60, No. 3
- Managerial Ability and Income Smoothing
  11 October 2019 | The Accounting Review, Vol. 95, No. 4
- Female leadership in corporate social responsibility reporting: Effects on writing, readability and future social performance
  Advances in Accounting, Vol. 49
- Lazy Prices
  22 February 2020 | The Journal of Finance, Vol. 75, No. 3
- Rivals’ Negative Earnings Surprises, Language Signals, and Firms’ Competitive Actions
  Academy of Management Journal, Vol. 63, No. 3
- Does Litigation Deter or Encourage Real Earnings Management?
  5 October 2019 | The Accounting Review, Vol. 95, No. 3
- Hyperbole or Reality? Investor Response to Extreme Language in Earnings Conference Calls
  1 July 2019 | The Accounting Review, Vol. 95, No. 2
- Readability of Narrative Disclosures in 10-K Reports: Does Managerial Ability Matter?
  27 September 2018 | European Accounting Review, Vol. 29, No. 1
- 10-K Disclosure of Corporate Social Responsibility and Firms’ Competitive Advantages
  7 October 2019 | European Accounting Review, Vol. 29, No. 1
- How Do Firms Change Investments Based on MD&A Disclosures of Peer Firms?
  SSRN Electronic Journal, Vol. 84
- Examining the Joint Disclosure of Text and Numbers in Complex Financial Statement Notes
  SSRN Electronic Journal, Vol. 95
- The Managerial Perception of Uncertainty and Cost Behavior
  SSRN Electronic Journal, Vol. 23
- The Colour of Finance Words
  SSRN Electronic Journal, Vol. 59
- Manager Uncertainty and Cross-Sectional Stock Returns
  SSRN Electronic Journal, Vol. 94
- Is Mandatory Risk Reporting Informative? Evidence from US REITS Using Machine Learning for Text Analysis
  SSRN Electronic Journal, Vol. 59
- Virtual Shareholder Meetings
  SSRN Electronic Journal, Vol. 48
- Revealed Proprietary Information Disclosure
  SSRN Electronic Journal, Vol. 58
- When are Firms Sued for Qualitative Disclosures? Implications of the Safe Harbor for Forward-Looking Statements
  1 May 2019 | The Accounting Review, Vol. 95, No. 1
- Bank risk aggregation with forward-looking textual risk disclosures
  The North American Journal of Economics and Finance, Vol. 50
- Pledgee competition, strategic disclosure, and future crash risk
  China Journal of Accounting Research, Vol. 12, No. 3
- Dynamics of CEO Disclosure Style
  1 September 2018 | The Accounting Review, Vol. 94, No. 4
- A contextual analysis of the impact of managerial expectations on asymmetric cost behavior
  27 March 2019 | Review of Accounting Studies, Vol. 24, No. 2
- Customers’ Risk Factor Disclosures and Suppliers’ Investment Efficiency
  19 March 2019 | Contemporary Accounting Research, Vol. 36, No. 2
- Corporate Social Responsibility Report Narratives and Analyst Forecast Accuracy
  3 January 2017 | Journal of Business Ethics, Vol. 154, No. 4
- Do forward-looking narratives affect investors’ valuation of UK FTSE all-shares firms?
  8 March 2018 | Review of Quantitative Finance and Accounting, Vol. 52, No. 2
- Annual report readability subsequent to going-concern opinions
  Managerial Auditing Journal, Vol. 35, No. 1
- The Impact of Audit Committee Financial Expertise on Management Discussion and Analysis (MD&A) Tone
  14 March 2018 | European Accounting Review, Vol. 28, No. 1
- Causal language intensity in performance commentary and financial analyst behaviour
  9 September 2018 | Journal of Business Finance & Accounting, Vol. 46, No. 1-2
- Private Information Index and Proprietary Costs
  SSRN Electronic Journal, Vol. 54
- Industry Tournament Incentives and Corporate Hedging Policies
  SSRN Electronic Journal, Vol. 20
- Client Consulting Opportunities and the Reemergence of Big 4 Consulting Practices: Implications for the Audit Market
  SSRN Electronic Journal, Vol. 95
- Management earnings forecasts and other forward-looking statements
  Journal of Accounting and Economics, Vol. 65, No. 1
- Analysing forward-looking statements in initial public offering prospectuses: a text analytics approach
  23 August 2018 | Journal of Business Analytics, Vol. 1, No. 1
- Umsetzungsmöglichkeiten Integrierter Berichterstattung im internationalen Vergleich – Südafrika, USA und Deutschland
  4 April 2018
- Soft Information in Loan Agreements
  1 February 2017 | Journal of Accounting, Auditing & Finance, Vol. 33, No. 1
- The Information Content of Managers' Forward-Looking Disclosures
  SSRN Electronic Journal, Vol. 59
- Determining Credit Risk Using Qualitative Disclosure
  SSRN Electronic Journal, Vol. 23
- Some People Say: Immature Information in Corporate Disclosures
  SSRN Electronic Journal, Vol. 101
- Redact to Protect? The Effects of Customer-Supplier Relations on Suppliers’ Information Strategies
  SSRN Electronic Journal, Vol. 69
- Who Let the Secrets Out? Overconfidence and the Disclosure of Proprietary Information
  SSRN Electronic Journal, Vol. 51
- Readability of Narrative Disclosures in 10-K Reports: Does Managerial Ability Matter?
  SSRN Electronic Journal, Vol. 79
- Earnings Uncertainty and Attention
  SSRN Electronic Journal, Vol. 149
- Do Disclosures of Customer Metrics Lower Investors’ and Analysts’ Uncertainty but Hurt Firm Performance?
  1 April 2017 | Journal of Marketing Research, Vol. 54, No. 2
- Implications of Political Patronage and Political Costs for Corporate Disclosure
  27 July 2016 | Journal of Accounting, Auditing & Finance, Vol. 32, No. 1
- Information Overload and Cost of Equity Capital
  SSRN Electronic Journal, Vol. 6
- Optimal Disclosure and Fight for Attention
  SSRN Electronic Journal, Vol. 68
- Oil Prices, Earnings, and Stock Returns
  SSRN Electronic Journal, Vol. 63
- Informativeness and Timeliness of 10-K Text Similarity for Predicting Tail-Risk Comovement
  SSRN Electronic Journal, Vol. 30
- Board structure and the informativeness of risk disclosure: Evidence from MENA emerging markets
  Advances in Accounting, Vol. 35
- Using unstructured and qualitative disclosures to explain accruals
  Journal of Accounting and Economics, Vol. 62, No. 2-3
- Are CSR disclosures relevant for investors? Empirical evidence from Germany
  Management Decision, Vol. 54, No. 6
- Natural Language Processing in Accounting, Auditing and Finance: A Synthesis of the Literature with a Roadmap for Future Research
  1 March 2016 | Intelligent Systems in Accounting, Finance and Management, Vol. 23, No. 3
- Hyperbole or Reality? Investor Response to Extreme Language in Earnings Conference Calls
  SSRN Electronic Journal, Vol. 17
- Does 10-K Disclosure of Corporate Social Responsibility Reflect Operating Performance Consistent with Consumer Preference?
  SSRN Electronic Journal, Vol. 32
- The Forward-Looking Disclosures of Corporate Managers: Theory and Evidence
  SSRN Electronic Journal, Vol. 1
- Does forward-looking non-financial information consistently affect investment efficiency?
  Nankai Business Review International, Vol. 6, No. 1
- Qualitative Management Disclosures and Market Sentiment
  SSRN Electronic Journal, Vol. 25
- Do Declines in Bank Health Affect Borrowerss Voluntary Disclosures? Evidence from International Propagation of Banking Shocks
  SSRN Electronic Journal, Vol. 55
- Environmental Disclosure and the Cost of Capital: Evidence from the Fukushima Nuclear Accident
  SSRN Electronic Journal, Vol. 69
- Management Earnings Forecasts and Forward-Looking Statements
  SSRN Electronic Journal, Vol. 43

Volume 61, Issue 5

May 2015

Pages iv-vii, 931-1196

Article Information

Supplemental Material

Metrics

Information

Received:January 15, 2012
Accepted:December 18, 2013
Published Online:August 01, 2014

Cite as

Volkan Muslu, Suresh Radhakrishnan, K. R. Subramanyam, Dongkuk Lim (2014) Forward-Looking MD&A Disclosures and the Information Environment. Management Science 61(5):931-948.

https://doi.org/10.1287/mnsc.2014.1921

Keywords

PDF download

Available Issues

Available Issues

Available Issues

Available Issues

Available Issues

Available Issues

Available Issues

Available Issues

Available Issues

Forward-Looking MD&A Disclosures and the Information Environment

Supplemental Material

Volume 61, Issue 5

Article Information

Supplemental Material

Metrics

Information

Cite as

Keywords

Sign Up for INFORMS Publications Updates and News