Managing the narrative: Investor relations officers and corporate disclosure

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

Research output: Contribution to journalArticle

4 Scopus citations

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.

Original languageEnglish (US)
JournalJournal of Accounting and Economics
DOIs
StateAccepted/In press - Jan 1 2018

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Keywords

  • Disclosure
  • Institutional investors
  • Investor relations
  • Investor relations officers
  • Sell-side analysts

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics

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