Making detailed annual general meeting (AGM) minutes available online allows absentee investors to understand the discussion that took place during the AGM, and other interested parties to gauge the intensity of investor activism and stakeholder engagement from the questions posed. This paper...

Prior literature documents a temporary spike in information asymmetry between sophisticated and unsophisticated traders around corporate disclosures because the former process new information faster. Using advances in textual analysis, we show that when management issues more uncertain financial...

This paper examines the influence of financial accounting disclosures (FAD) on the investors' reactions towards bad news (IRBN), and analytically assesses the moderation effect of the individual investor's sentiments particularly" Subjective norms" on that relationship in project-based...

Why does the market react to companies’ announcements of strategic alternatives with a +5.2 percent return, only to experience a future return of -9.7 percent? We find evidence consistent with a mispricing explanation in that: (i) investors and analysts are overly optimistic about a potential...

Generative AI tools such as ChatGPT can fundamentally change the way investors process information. We probe the economic usefulness of these tools in summarizing complex corporate disclosures using the stock market as a laboratory. The unconstrained summaries are dramatically shorter, often by...

Using the COVID-19 crisis as a quasi-natural experiment, this study explores the value of online investor relations (OIR) on the official investor interaction platforms (IIPs). The results show that OIR are positively associated with stock returns during the crisis. This indicates that firms...

The objective of this paper is to investigate the role of Investor Relations (IR) in the performance of companies listed on the Bucharest Stock Exchange. The study is motivated by the findings in the literature that investor relations may boost information disclosure, analyst following,...

Firms have increasingly used social media such as Twitter to disseminate corporate disclosures, particularly since the regulation of these platforms by the Securities and Exchange Commission (SEC) in 2013. However, research on social media dissemination is still limited. Even though a few...

Exploiting the staggered deregulation of short sales in China as a quasi-experiment, we investigate whether firms change investor relations (IR) strategy when they face short-selling pressure. We document significant increases in IR efforts as measured by the frequency of company visits when...

Retail investors are rising in prominence but have historically been granted little direct access to question corporate management relative to professionals like sell-side analysts and institutional investors. Because retail investors are relatively less sophisticated and can require...

We examine the contemporaneous and delayed market reaction to earnings announcements in a market setting characterised by strong disclosure regulation and enforcement. We evaluate the information content of four benchmarks of earnings announcement news: earnings in the previous year, analysts’...

Using survey and experimental methods, we provide evidence on the materiality and the nature of information communicated in private meetings from the perspective of professional investors. While the existence of private meeting benefits for investors are well documented, the source of such...

The purpose of our research is to evaluate the voluntary disclosure strategy and effective communication between issuers and investors on the Polish bond market Catalyst. We conducted a questionnaire among issuers on the Catalyst. To evaluate the data and find answers to the research questions,...

This study addresses concerns from the SEC and examines the trend of shareholder activism and its impact on financial players. Motivated by prior research that finds female CEOs are more likely to be targeted by shareholder activism, we examine how the nature of shareholder activism...

We study a voluntary disclosure model with uncertain information endowment and a possibly relevant external signal (e.g., a peer’s financial report). The manager may disclose the firm value before or after the external signal (“early” or “late” disclosure). We show that favorable...

Using data on corporate events – such as capital market conferences and analyst/investor days – we investigate how companies adapted their investor communication practices during the COVID-19 pandemic. First, we test whether there is a shift in the type of companies attending and hosting...

We study whether and how financial analysts choose tone during earnings conference calls as a means to acquire information from the firm’s management. Analyzing 32,963 analyst-managerinteractions during conference calls of the S&P 500 firms, we document that analyst questions that are...

We examine the implications of hypothetical disclosure in conference calls for firms' future financial performance and stock returns. Managers may use hypothetical disclosure in earnings calls to provide valuable forward-looking information regarding the firm's performance. Alternatively,...

We examine how investor relations officers (IROs) approach disclosure decisions in private meetings with investors. In these settings, IROs face conflicting pressures to maintain a “level playing field” for all investors while also pleasing preferred investors. We experimentally test how...

Organizations need to both differentiate themselves while conforming to their audiences’ expectations. To meet this demand, organizations may span different categories. However, valuing spanners is challenging for audiences. We contend that spanners’ valuation depends on category nesting, as...