Managing the narrative: Investor relations officers and corporate disclosure✰

Lawrence D. Brown, Andrew C. Call, Michael B. Clement and Nathan Y. Sharp

Journal of Accounting and Economics, 2019, vol. 67, issue 1, 58-79

Abstract: Investor relations officers (IROs) play a central role in corporate communications with Wall Street. We survey 610 IROs at U.S. public companies and conduct 14 follow-up interviews to deepen our understanding of the role of IROs in corporate disclosure events. Three important themes emerge from our results: (i) the value, nature, and timing of private communication between IROs, analysts, and investors; (ii) the significant influence IROs have on corporate disclosures; and (iii) the degree of “theater” involved in public earnings conference calls, even the Q&A portion. We provide insights into the investor relations, analyst, institutional investor, and disclosure literatures.

Keywords: Investor relations; Investor relations officers; Sell-side analysts; Institutional investors; Disclosure (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (27)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jaecon:v:67:y:2019:i:1:p:58-79

DOI: 10.1016/j.jacceco.2018.08.014

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