Common Investor Relations Representation

66 Pages Posted: 8 Dec 2023 Last revised: 26 Apr 2024

See all articles by David Volant

David Volant

Indiana University - Kelley School of Business

Date Written: April 22, 2024


I investigate the capital market consequences of common investor relations (IR) representation, a phenomenon in which multiple public companies have the same external IR representative. In difference-in-differences tests, I find common IR representation increases common institutional investor ownership, overlap in sell-side analyst coverage, and similarities in guidance practices across clients—even among economically dissimilar firms that operate in different industries. Furthermore, firms with common IR representation exhibit heightened return comovement. My findings shed light on the role of IR companies as a gatekeeper to capital markets, suggesting that not only are IR companies meaningful to firm outcomes, but the specific IR representative a firm has plays a role in shaping their connection to the market.

Keywords: common investor relations, common ownership, common analyst coverage, common guidance, stock return comovement

JEL Classification: D80, G14, G17, M40

Suggested Citation

Volant, David, Common Investor Relations Representation (April 22, 2024). Available at SSRN: or

David Volant (Contact Author)

Indiana University - Kelley School of Business ( email )

1309 East Tenth Street
Indianapolis, IN 47405-1701
United States

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