Managing the Narrative: Investor Relations Officers and Corporate Disclosure

Posted: 10 Sep 2018 Last revised: 12 Dec 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: August 1, 2018

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

JEL Classification: M40, M41, M50, G30, G20, G23, G24

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 (August 1, 2018). Journal of Accounting & Economics (JAE), Forthcoming; Fox School of Business Research Paper No. 18-047. Available at SSRN: https://ssrn.com/abstract=3240244

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

Abstract Views
1,054
PlumX Metrics