Forward-Looking Management Discussions and Analysis Disclosure and Merger and Acquisition Outcomes

Xin Chen, Haina Shi, Yi Zhou, Research Institute of Economics and Management, Southwestern University of Finance and Economics, School of Management, Fudan University, Department of Accountancy, City University of Hong Kong

Journal of Accounting, Auditing & Finance

Published online on October 22, 2025

Abstract

Journal of Accounting, Auditing & Finance, Ahead of Print.
This study examines how the forward-looking Management Discussions and Analysis (MD&A) disclosure affects Merger and Acquisition (M&A) outcomes. Based on a sample of U.S. public firms for the period 1997–2018, we find that firms with more forward-looking ...