Common Investor Relations Representation

• 成果类型: Article
• 署名作者: Volant, David
• 署名单位: Indiana University System; IU Kelley School of Business; Indiana University Bloomington
• 刊物名称: JOURNAL OF ACCOUNTING RESEARCH
• ISSN/ISSBN: 0021-8456
• DOI: 10.1111/1475-679X.12619
• 发表日期: 2025
• 页码: 1237-1283
• 关键词: institutional investors; ANALYST COVERAGE; INFORMATION; MARKET; comovement; Sentiment; Auditors; mergers; FIRMS

摘要

This study examines the capital market implications of common investor relations (IR) representation, a phenomenon in which multiple public firms share the same external IR representative. Using a difference-in-differences research design, I document that common IR representation is associated with greater overlap in institutional ownership and sell-side analyst coverage as well as similarities in disclosure practices among clients-even those operating in different industries. These effects culminate in heightened return comovement among firms sharing IR representation. My findings provide insight into the role of IR companies as capital market gatekeepers and suggest that when a firm outsources its IR function, the IR company influences its capital market connectivity.