可读性
收益
叙述的
语调(文学)
会计
价值(数学)
业务
信息不对称
精算学
经济
财务
计算机科学
语言学
机器学习
哲学
程序设计语言
出处
期刊:The Accounting Review
[American Accounting Association]
日期:2013-11-01
卷期号:89 (2): 725-757
被引量:250
摘要
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.
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