Managing the Narrative: Investor Relations Officers and Corporate Disclosure

60 Pages Posted: 20 Mar 2017 Last revised: 9 Feb 2018

See all articles by Lawrence D. Brown

Lawrence D. Brown

Temple University - Department of Accounting

Andrew C. Call

Arizona State University (ASU) - School of Accountancy

Michael B. Clement

University of Texas at Austin - Department of Accounting

Nathan Y. Sharp

Texas A&M University - Department of Accounting

Multiple version iconThere are 2 versions of this paper

Date Written: February 2018

Abstract

Investor relations officers (IROs) play a central role in corporate communications with Wall Street. We survey 610 IROs at publicly traded U.S. companies and conduct 14 follow-up interviews to gain insights into the nature of their interactions with sell-side analysts and institutional investors, and 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. We explore numerous topics that IROs are uniquely suited to address, and we provide new insights into the investor relations, analyst, institutional investor, and disclosure literatures.

Keywords: investor relations, investor relations officers, sell-side analysts, institutional investors, disclosure

JEL Classification: G10, G23, G24, M41, M45

Suggested Citation

Brown, Lawrence D. and Call, Andrew C. and Clement, Michael B. and Sharp, Nathan Y., Managing the Narrative: Investor Relations Officers and Corporate Disclosure (February 2018). Fox School of Business Research Paper No. 17-015; Mays Business School Research Paper No. 2934937. Available at SSRN: https://ssrn.com/abstract=2934937 or http://dx.doi.org/10.2139/ssrn.2934937

Lawrence D. Brown

Temple University - Department of Accounting ( email )

Philadelphia, PA 19122
United States

Andrew C. Call

Arizona State University (ASU) - School of Accountancy ( email )

Tempe, AZ 85287
United States

Michael B. Clement (Contact Author)

University of Texas at Austin - Department of Accounting ( email )

2110 Speedway, Stop B6400
Austin, TX 78712
United States
512-471-0332 (Phone)
512-471-3904 (Fax)

Nathan Y. Sharp

Texas A&M University - Department of Accounting ( email )

4353 TAMU
College Station, TX 77843-4353
United States
979-845-0338 (Phone)

Register to save articles to
your library

Register

Paper statistics

Downloads
1,905
rank
7,265
Abstract Views
4,922
PlumX Metrics