Managing the narrative: Investor relations officers and corporate disclosure✰

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

doi:10.1016/j.jacceco.2018.08.014

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Journal of Accounting and Economics Vol. 67 No. 1 2019

Managing the narrative: Investor relations officers and corporate disclosure✰

Lawrence D. Brown¹; Andrew C. Call²; Michael B. Clement³; Nathan Y. Sharp⁴

¹ Temple University · ² Arizona State University · ³ The University of Texas at Austin · ⁴ Texas A&M University

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.

DOI: 10.1016/j.jacceco.2018.08.014
Volume: 67
Issue: 1
Pages: 58-79
Language: en
Sources: openalex crossref bibtex:phds-export.bib

Managing the narrative: Investor relations officers and corporate disclosure✰

Abstract

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