Incremental information content of required disclosures contained in...
分析管理层讨论与分析中的七项强制披露，发现其中关于未来经营和计划资本支出的讨论，在控制财务报表信息后，仍能帮助预测企业短期业绩和投资决策，但对长期结果预测力不强。
Abstract This paper analyzes seven mandated disclosures contained in Management Discussion and Analysis (MD&A) to assess their information content. Generally, the results show that certain MD&A disclosures, particularly the discussions of future operations and planned capital expenditures, are associated with future (short-term) performance measures and investment decisions, after control- ling for information contained in financial-statement-based ratios. However, the associations with longer-term results are generally not significant. The study illustrates that, in conjunction with the financial statements, the MD&A disclosures, especially prospective disclosures, can assist in assessing firms' future (short-term) prospects.