Forward-Looking MD&A Disclosures and the Information Environment

被引：191

作者：

Muslu, Volkan ^{[1
]}

Radhakrishnan, Suresh ^{[2
]}

Subramanyam, K. R. ^{[3
,4
]}

Lim, Dongkuk ^{[5
]}

机构：

[1] Univ Houston, Bauer Coll Business, Houston, TX 77004 USA

[2] Univ Texas Dallas, Jindal Sch Management, Richardson, TX 75080 USA

[3] Univ So Calif, Marshall Sch Business, Los Angeles, CA 90089 USA

[4] Indian Sch Business, Hyderabad 5000032, Andhra Pradesh, India

[5] Idaho State Univ, Coll Business, Pocatello, ID 83201 USA

来源：

MANAGEMENT SCIENCE | 2015年 / 61卷 / 05期

关键词：

disclosure; 10-K filings; forward looking; MANAGEMENT EARNINGS FORECASTS; BAD NEWS; CORPORATE; DIVIDEND; PRICES;

D O I：

10.1287/mnsc.2014.1921

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

We use computer-intensive techniques to study the informational properties of forward-looking disclosures in the management discussion and analysis (MD&A) sections of 10-K filings made with the Securities and Exchange Commission. We find that firms make more forward-looking MD&A disclosures when their stock prices have lower informational efficiency, i.e., when their stock prices poorly reflect future earnings information. The greater levels of forward-looking MD&A disclosures help improve yet are unable to completely mitigate the lower informational efficiency of stock prices for such firms. These findings are stronger for operations-related forward-looking disclosures, disclosures that are made prior to 2000, and disclosures made by loss firms.

引用

页码：931 / 948

页数：18

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