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.
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