Narrative Disclosure and Earnings Performance: Evidence from R&D Disclosures
研究了企业盈利表现如何影响其研发相关的叙事披露决策，发现当期盈利（经研发费用调整后）与研发叙事披露数量负相关，且管理者调整披露是为了提供相关信息而非混淆业绩。
ABSTRACT This paper examines how earnings performance relates to firms' narrative R&D disclosure decisions. The unique nature of R&D investments and financial statements' limited ability to communicate the value of such investments highlight the role of narrative disclosure as a supplement to the financial statements. I predict and find that current earnings performance (adjusted for R&D expense) is negatively related to the quantity of narrative R&D disclosure. Conducting a content analysis of the detail, tone, and readability of narrative R&D disclosures, I find that managers adjust R&D disclosures based on earnings performance to provide relevant information rather than to obfuscate performance. Finally, I provide evidence that market participants find narrative R&D disclosure informative because it significantly affects sell-side analyst behavior, disclosure information content, and information asymmetry. Data Availability: Data are available from sources identified in the text.