The role and implications of 'award winning' investor relations practices
Notice bibliographique
Résumé
This thesis investigates the concept of Investor Relations (IR), its role within organisations and its capital market implications. The thesis consists of two independent but related empirical chapters. First~ I examine whether IR is successful in insulating firms from negative market shocks. The wave of high profile accounting and corporate governance scandals that occurred in the US during 2001 and 2002 placed corporate credibility under the microscope and led to both a crisis in investor confidence and increased investor scepticism towards the capital market (Allen, 2002; Asthana et aI., 2003; Bratton, 2003; Eduardo et al., 2003; Smith, 2003). Against this backdrop, I find no evidence in support of the prediction that an established reputation for effective IR helped shield firms from the general market fallout during several event windows that fall within this crisis period, October 2001 through September 2002. On the contrary, results suggest that firms with established i:R reputations actually fared worse on a series of market-related dimensions, including more negative returns to news ~ssociated with financial credibility issues, and a significant decline in press coverage, trading volume, and analyst coverage. These results suggest the overall reputation of the IR industry may have been tarnished during this period. Second, I analyse the association b~tween the effectiv~ness of firms' IR practices and various properties of analysts' quarterly earnings forecasts. I find that analysts are able to forecast earnings at the end of a quarter more accurately for effective IR firms compared to other firms, suggesting that IR helps firms increase the total amount of infonnation available to the market about the firm. !Ii addition, I find that analysts are able to forecast earnings at the beginning of the quarter more accurately for effective IR firms compared to other firms, suggesting that IR facilitates the flow of information to investors in a timelier manner. Moreover, I find evidence that finns recognised for their effective IR practices guide analyst's forecasts downwards in order to meet or beat expectations more frequently compared to other firms. Similarly, I fmd that when initial forecasts in a quarter are pessimistic, effective IR finns have a greater walk up of earnings expectations over the quarter compared to other finns. Similarly, I fmd that when initial forecasts in the quarter are optimistic, effective IR firms have a greater walk down of earnings expectations compared to other finns. This suggests that managing analysts' expectations so that they do not diverge .significantly from reality is a very important aspect of investor relations. Finally, there is evidence to show that forecasts for effective IR finns become more accurate and less dispersed over the quarter compared to other firms.
Récupéré en direct depuis OpenAlex et désinversé. Les résumés ne sont pas conservés dans cette base de données : les index inversés représentent 8,6 Go des 9,3 Go de texte de la base, et le serveur dispose de 13 Go libres.
Comment cette classification a été obtenuedéplier
Prédiction machine sur la base complète
Imitation des enseignantsNi prévalence calibrée, ni vérité terrain. Validation humaine à venir. Le volet Gemma est une étiquette directe du modèle pour chaque travail de la base, lue sur la notice réduite au titre. Le volet Codex est un classifieur appris des 10 348 étiquettes directes de Codex et calibré sur les taux pondérés de l'échantillon; les champs sans appui suffisant ne portent aucun appel Codex. Le mode candidate est l'union des deux volets; le consensus est leur intersection. Ces sorties portent le statut machine_predicted_unvalidated et ne sont pas des étiquettes humaines.
Scores du classifieur distillé par catégorie (deux têtes)
| Catégorie | Codex | Gemma |
|---|---|---|
| Métarecherche | 0,017 | 0,079 |
| Méta-épidémiologie (sens strict) | 0,000 | 0,000 |
| Méta-épidémiologie (sens large) | 0,000 | 0,000 |
| Bibliométrie | 0,001 | 0,001 |
| Études des sciences et des technologies | 0,002 | 0,005 |
| Communication savante | 0,006 | 0,005 |
| Science ouverte | 0,001 | 0,003 |
| Intégrité de la recherche | 0,001 | 0,002 |
| Charge utile insuffisante (le modèle a refusé de juger) | 0,004 | 0,000 |
Scores machine (provisoires)
Les deux têtes enseignantes du modèle étudiant, lues sur ce travail. Un score ordonne la base pour la relecture; il n'affirme jamais une catégorie, et le statut de validation accompagne chaque rangée tel quel.
Scores de référence d'un modèle non mature (critères de maturité non atteints, 7 itérations). Un score ordonne; il n'affirme jamais une catégorie.
score_only:v0-immature-baseline · tel quel depuis la passe de notation : score_only signifie que le nombre peut ordonner les travaux, et qu'aucune étiquette de catégorie n'en découleClassification
machine, non validéePrédiction automatique; un appel candidat d’une seule source (Gemma direct ou Codex distillé), pas un consensus.
Le détail, modèle par modèle et score par score, se trouve en fin de page sous « Comment cette classification a été obtenue ».