Preface -- Visual walk-through -- The financial statements -- Transaction analysis -- Accrual accounting & income -- Internal control & cash -- Short-term investments & receivables -- Inventory & cost of goods sold -- Plant assets, natural resources, & intangibles -- Long-term investments & the...

This paper examines the relationship between the readability of the CD&A section in proxy statements and management motives to obfuscate executive compensation disclosures. Using the CD&As in the 2007 and 2008 proxy statements, we examine whether the CD&A readability is associated with the...