Managing the Narrative: Investor Relations Officers and Corporate Disclosure
Posted: 10 Sep 2018 Last revised: 12 Dec 2018
Date Written: August 1, 2018
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
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