The SEC’S MD&A: Does it Meet the Informational Demands of Investors?– A Conceptual Evaluation –

Bernd Hüfner

Schmalenbach Business Review (sbr), 2007, vol. 59, issue 1, 58-84

Abstract: The SEC’s Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is often claimed to provide vital “extra information” for the investment decisions of investors: information that compensates for the reporting weaknesses of financial statements. However, research on the quality of MD&A for investors is rare. In this study I conceptually evaluate whether the SEC’s requirements for MD&A disclosure do in fact provide sufficient information for investors. I use a comprehensive approach for the evaluation by analyzing the extent to which the SEC’s requirements for MD&A disclosure meet investor-oriented reporting principles and contents.

Keywords: Fundamental Stock Valuation; Management Reporting; MD&A’s Quality; Investor-oriented Reporting; SEC Regulation (search for similar items in EconPapers)
JEL-codes: G14 G18 K22 M41 (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:sbr:abstra:v:59:y:2007:i:1:p:58-84

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