Complete text of Microsoft's 2004 MD&A

Abstract

This document is the complete 2004 Microsoft MD&A (Microsoft Corporation, 2004). It supplements the following article. Durnev, Art, and Claudine Mangen. “The Spillover Effects of MD&A Disclosures for Real Investment: The Role of Industry Competition.” Journal of Accounting and Economics 70, no. 1 (2020): 101299. https://doi.org/10.1016/j.jacceco.2020.101299