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Managing the narrative: Investor relations officers and corporate disclosure✰

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

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.

Suggested Citation

  • Brown, Lawrence D. & Call, Andrew C. & Clement, Michael B. & Sharp, Nathan Y., 2019. "Managing the narrative: Investor relations officers and corporate disclosure✰," Journal of Accounting and Economics, Elsevier, vol. 67(1), pages 58-79.
    • Handle: RePEc:eee:jaecon:v:67:y:2019:i:1:p:58-79
    DOI: 10.1016/j.jacceco.2018.08.014
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