Investor relations: a comprehensive overview

Journal für Betriebswirtschaft - Tập 60 - Trang 49-79 - 2010
A. Bassen1, H. Basse Mama1, H. Ramaj1
1Chair of Capital Markets and Management, University of Hamburg, Hamburg, Germany

Tóm tắt

This paper reviews the existing literature on investor relations. The purpose of investor relations is consistently to provide market participants with decision-relevant information as a result of either mandatory or voluntary information-disclosure policies. A causation chain between investor relations and stock prices is established through the liquidity hypothesis with respect to the depth of analyst coverage. Though a positive association is documented, it is not perfectly linear. After presenting the taxonomy of corporate disclosures, we elaborate on how well the full-disclosure and the discretionary disclosure models fit into reality. In addition, the extant theoretical and empirical literature reports that investor relations policies vary over time, across firms and jurisdictions.

Tài liệu tham khảo

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