Lists
Lists
Vlittis, Adamos and Charitou, Melita (2012) Valuation effects of investor relations investments. Accounting & Finance, 52 (3). pp. 941-970. ISSN 08105391
![[thumbnail of Publisher's post-print for classroom teaching and internal training purposes at UCLan]](https://clok.uclan.ac.uk/style/images/fileicons/application_pdf.png) |
PDF (Publisher's post-print for classroom teaching and internal training purposes at UCLan)
- Published Version
Restricted to Registered users only 274kB |
Official URL: http://dx.doi.org/10.1111/j.1467-629X.2011.00426.x
Abstract
We investigate the stock price performance of 146 firms announcing the appointment of a new investor relations (IR) officer or the hiring of an IR firm between 1999 and 2005. We find positive abnormal returns around the announcement day. In addition, we find evidence that firms with lower valuations, higher idiosyncratic risk, greater chief executive officer holdings, and firms that announce in the post-Sarbanes-Oxley Act era experience greater valuation effects. Finally, we document significant reductions in the information asymmetry and significant increases in the liquidity and visibility of IR firms in the year following the IR announcement.
Repository Staff Only: item control page
