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  The Communications Process  
 

Planning

 
 
  New World of Stock Research  
  The buy side continues to add research capability, bringing more analysts on board. Still, institutions rely heavily on sell-side research, seeking mainly industry knowledge, trust and service integrity, according to a survey. At the same time, in their search for superior returns, U.S. institutions continue to place more of their investments in foreign companies. And, the numbers show that institutions are trading more actively. Is the trend toward short-term investing still gaining steam? How about some good news: fewer class action shareholder lawsuits are being filed. And The Corporate Library gives us some clues on whether our company is likely to be sued.  
  (Published 06-Sep-2006)  
 
 
  M&A Activity Expected to Rise  
  In our "Briefs" section, we cover a number of salient items. U.S. and Canadian companies are expected to be active on the M&A front in 2006. The top IR programs are identified by institutional investors, based on a poll conducted by Greenwich Associates. Companies are using podcasts to provide information to investors more effectively. New research is documenting the value of investor relations. And the securities industry is seeing sizable gains in the number of women and minorities holding professional positions.  
  (Published 12-Jan-2006)  
 
 
  Analyst Coverage Still Trending Downward  
  Companies of all sizes continue to lose analyst coverage, according to recent surveys. Even large companies are getting hit as sell-side firms cut back on their research budgets. Independents are filling some of the gap for the bigger companies, but small firms with limited trading volume and thus small commission revenue prospects for brokers are being left with no or minimal analyst following. Meanwhile, companies overall remain convinced that they must provide earnings guidance to analysts and investors. More companies also are projecting revenues.  
  (Published 12-Jan-2006)  
 
 
  It's the Buy Side That Matters  
  Portfolio managers welcome contact from investor relations officers who have done a good job of qualifying the investment firm first. After all, fund managers typically are always on the lookout for new investment ideas. The buy side is an excellent source of information on investment parameters and what it takes to get interested in a company. Advice to IROs: Be a good listener.  
  (Published 14-Mar-2005)  
 
 
  Predicting How Key Investors Will Impact a Company's Stock Price  
  No more than 100 investors drive a company's stock price in reaction to corporate developments, according to a study by McKinsey & Co. The consulting firm lays out a program to identify and profile the movers as the basis to predict how investors will react to certain actions and announcements by the company. Managements can benefit tremendously from knowing in advance likely market responses to strategies and vital initiatives. They'll also need to beef up their investor relations resources to get the capabilities in place.  
  (Published 30-Nov-2004)  
 
 
  The Winning Combination: Strategic Planning and Investor Relations  
  A company's value-creation initiatives are greatly enhanced by the ability of strategic planning and investor relations to work together for each other's benefit. IR people bring the company critical investment market feedback on strategies and initiatives. Close ties to planning give IROs insights and in-depth understanding of the company's direction and value drivers that form the basis of important disclosure. Why aren't more companies linking these two functions?  
  (Published 15-Jun-2004)  
 
 
  The Investor Relations Challenge: Becoming a True Market Expert  
 

Effective investor relations starts by being an expert on the investment market and how money managers behave. This also means understanding the value creation process.

 
  (Published 28-May-2003)  
 
 

Strategy

 
 
  It's a New World for Boards and IR Departments  
  Sea changes are rewriting the vital roles of boards and investor relations departments. Len Griehs, IR vice president at Campbell Soup, described the changes and offered a host of practical and useful ways in which directors and IROs can work together to make valuable contributions to corporate governance and disclosure.  
  (Published 10-Aug-2005)  
 
 
  Colgate: Where IR Has the 'Keys to the Kingdom'  
  Respect for the investor relations function is growing among investors, analysts, consultants, academics and senior executives. At the 2005 NIRI conference, Colgate-Palmolive CEO Reuben Mark described how the IR function at his company has earned "a seat at the table." Mark says the investor relations officer must have authority, be trusted, and serve as a senior advisor on disclosure and other value drivers. He favors building a senior staff of career professionals; rotating people through the IR position is a mistake, he says.  
  (Published 25-Jul-2005)  
 
 
  Relationships Matter  
  For sure, investment process grows more quantitative and models-based every day. But those analysts and investors who lead the way understand the value of gathering better information and finding more meaningful insights into a company's strategies, business performance, essential strengths, issues and prospects for growth. Relationships are essential building blocks to gaining information advantages. The quality of relationships still makes a difference.  
  (Published 18-Oct-2004)  
 
 
  Get the Share Price You Deserve, Not the One You Want  
  Investor relations objectives should focus on helping companies achieve fair value. That means coming as close to having the stock price reflect a company's intrinsic value as possible. IROs need to guide their managements to avoid efforts to create short-term overvaluation. Overvalued companies are in for a fall. Our author lays out the proper charter for investor relations and offers a roadmap to get there.  
  (Published 25-Feb-2004)  
 
 
  Strategic Value of Investor Relations  
  Highest value from the IR function results from linking it with the company?s strategic direction. Now, IR is an integral part of the value-creation process.  
  (Published 19-Jun-2003)  
 
 
  Assessing Risk in Today's Best of Times Economy  
  This archived piece expresses the wisdom of Peter Bernstein in describing the risk-reward balance in managing portfolios. Gold is the standard. An ideal economic climate is described.  
  (Published 15-Apr-2003)  
 
 

Disclosure

 
 
  Briefs: NIRI Names Nancy Humphries as CEO  
  At its annual conference, NIRI announced that its board has named Nancy Humphries as new president and CEO, succeeding Lou Thompson, who is retiring after 24 years at the helm. In acquisition news, The Nasdaq Stock Market has added PrimeZone to its lineup of services for listed companies. Greenwich Associates reports on the top IR programs in the country, based on a survey of buyside analysts and portfolio managers. On the vendor front, the Altman Group has figured out a way to identify companies' hedge fund holders. The Corporate Executive Board has started an IR Roundtable, joining some 38 other corporate functional groups. And firstRain is competing with Google in enabling institutions to conduct Internet searches on companies.  
  (Published 11-Jul-2006)  
 
 
  Expanded Executive Compensation Disclosure  
  The SEC is promulgating new rules to expand disclosure on executive compensation. They could be in force sometime in March or April of 2006. A major new piece of required information will be total annual compensation given in one bottom line number. Full disclosure of director compensation also is to be mandated. The SEC is determined to make sure the compensation disclosure is presented in plain English. We detail the new rules in this report.  
  (Published 08-Mar-2006)  
 
 
  Shareholder Resolutions, the Cost of SOX Compliance and More  
  Our Briefs section this time runs a gamut of material. Already, shareholder resolutions for the 2006 proxy season are on their way to record numbers. What did Section 404 of Sarbanes-Oxley cost companies in 2005? Would you believe $4.36 million on average? Citigroup is entering a new financial services business - electronic stock trading. We report on NIRI member responses to a number of survey questions involving investor relations practices and trends. And Wal-Mart is about to hire a "director of corporate engagement." That's a good place to start; read on, please.  
  (Published 08-Mar-2006)  
 
 
  Blogs: Nuisance or New Way to Communicate?  
  Blogs can be an effective way to get information into the marketplace. More and more investors are looking at them. But blogs also pose issues for companies. They can be used to attack companies as well. And blogs by employees are growing like topsy. Companies now need to include the reality of blogs in their disclosure policies and practices.  
  (Published 08-Mar-2006)  
 
 
  New IR Responsibility: Risk Management  
  Regulation FD has added a dimension to the investor relations process, namely managing the risk involved in disclosure as well as managing the communications function. Aqua America CFO David Smeltzer gives us a case-history account of how his company manages an aggressive, open communications program while being careful to not run afoul of Regulation FD.  
  (Published 31-Jan-2006)  
 
 
  Commentary: Are Stocks Sold or Bought?  
  "Stocks are sold." That phrase was pretty much the theme of the investor relations practice when it was still breaking away from the public relations function in the 1970s. And it certainly was the driving force of the sell side in those days as they pushed stocks aggressively as a way to rack up commission revenue. But is the notion that stocks are sold and not bought still essentially true? With all the sophisticated modeling being done by professional investors, we think that stocks fundamentally are bought today.  
  (Published 31-Jan-2006)  
 
 
  A Victory in a Regulation FD Case  
  Corporate executives can feel positive about a court decision to turn aside the SEC's suit against Siebel Systems for violating Regulation FD. The court agreed that comments by the CFO in a series of meetings with investors were not materially different from those made earlier by the company's CEO. The ruling gives companies some room to vary their language in descriptions of performance and outlook. However, the issue remains focused on materiality and whether new material information is being provided, triggering the need for an 8K filing and press release. Materiality issues will continue to be decided one case at a time. And companies are on notice to make sure they maintain adequate disclosure controls and procedures in accordance with Rule 13a-15 of the Exchange Act.  
  (Published 12-Jan-2006)  
 
 
  Learning from the Regulation FD Cases  
  Regulation FD continues to drive the disclosure practices of U.S. companies. Clearly, companies are careful about not providing non-public material information selectively to analysts and portfolio managers. Overall, more information likely is entering the investor pipeline. Seven Reg FD cases to date have given companies some guidance on how to deal with the disclosure mandates. An attorney offers 10 lessons to follow from those cases.  
  (Published 12-Jan-2006)  
 
 
  Better Information for Investors is Goal of the SEC and FASB  
  Key goal of both the SEC and FASB is to improve the value of financial reporting to benefit investors. The commission also intends to make sure investor relations professionals are the company's gatekeepers for meeting disclosure requirements and not violating Regulation FD. A big issue at the FASB is to simplify the entire accounting process so that the rules are easier to understand and use by investors and companies alike. The accounting standards board also is developing a new statement of comprehensive income to serve as the number one financial reporting statement. These are among the leading issues and opportunities that came out of panel on regulation at the 2005 NIRI conference.  
  (Published 06-Oct-2005)  
 
 
  The Power of Integrating Communications  
  Important benefits accrue from integrating a company's communications functions. Extending the corporate brand certainly is one benefit. And so are ensuring the consistency and control of key messages and information. The trend toward bringing together IR, PR, marketing and other communications functions continues to grow. CEOs are realizing the power of integrated communications in their company's value-creation proposition. Three case history examples of how companies are fashioning strategic communications platforms by combining functions that previously operated in silos were given at the 2005 NIRI conference. We report on them here.  
  (Published 05-Oct-2005)  
 
 
  More Information Value from the MD&A  
  Everyone wants to raise the information value of the MD&A appearing inside 10K and 10Q filings. Certainly, investors are clamoring for MD&A discussions that offer meaningful analysis of operating and business conditions and provide a material look into the future. The SEC is insisting that companies strengthen MD&A content and has issued detailed interpretative guidance. Managements are being urged to let IROs have a major role in preparing the report: IR people have the best handle on the information of highest value to investors. In this article, taken from the 2005 NIRI conference, we report on two case examples of companies making strides to improve their MD&A, with the help of their investor relations officers.  
  (Published 05-Oct-2005)  
 
 
  Getting Vital Information to the Board  
  How investor relations departments can work with boards to extend their value in overseeing management, contributing to improving business and representing shareholder interests was the subject of a separate panel at the NIRI/NACD conference. IROs also were urged to work closely with the internal audit departments to ensure highest quality information flow to investors, management and the board.  
  (Published 10-Aug-2005)  
 
 
  Revisiting the Value of Earnings Guidance  
  At the NACD/NIRI conference, speakers debated the wisdom of giving earnings guidance. It certainly has a good purpose, namely to dampen short-term volatility. Consensus: Annual guidance is better. Hopefully, it takes the pressure off meeting the number each quarter and shifts market focus to longer-term results. Maybe even a few analysts can be persuaded to think more long term. Not.  
  (Published 10-Aug-2005)  
 
 
  Full Disclosure and Attribution: 'The Devil Made Me Do It'  
  Full disclosure focuses on being candid and taking responsibility for your actions, not making excuses and blaming others, writes author and consultant Dick Higgins. U.S. companies continue to struggle with this honesty concept, claims our author, citing General Electric as an exception and describing three situations that display GE's candor. Japanese companies tell it like it is, he adds, naming Sony as an example.  
  (Published 25-Jul-2005)  
 
 
  SEC Publishing Its Comments on Disclosure Filings  
  We begin a new feature in this edition - a series of brief items about happenings affecting companies, valuation and investor relations. Two to five items will be featured each time. Of special interest to CFOs and IROs is the move by the SEC to make public its comments and responses to companies' disclosure filings. Investors should be pleased; the company disclosures and SEC comments are sure to add information and insight to investors' analytical work. Also described this time is an auditor decision to resign an engagement, coming at a time when Section 404 of the Sarbanes-Oxley Act has gone into effect, tightening internal audit control systems used in financial reporting.  
  (Published 25-Jul-2005)  
 
 
  Revisiting Reg FD  
  From time to time, we take a new look at the SEC's Regulation FD (Fair Disclosure) to see what's been happening. Topping the update is a recent commission finding against Flowserve Corp. and fines for the company and CEO. It's instructional to review the reasons for the SEC's claim of a Reg FD violation. There's also the question of any chilling effect on disclosure by companies concerned about violating the rule. And some updates on recent corporate disclosure actions that suggest more or less disclosure. Increases in 8K filings seem to indicate more concern about satisfying the law and appear to be generating more disclosure. But then there is the new issue of companies and brokers not providing webcasts of presentations at broker conferences. Bottom line: Reg FD remains on center stage.  
  (Published 25-Jul-2005)  
 
 
  Update on Earnings Guidance Practices  
  A recent NIRI survey of members indicates a slight rollback in the number of companies giving earnings guidance, but clearly the practice continues to be a solid part of the communications process. More companies are giving annual guidance while fewer are providing it quarterly. Nearly half the respondents believe that eliminating guidance wouldn't affect their analyst following.  
  (Published 20-Jun-2005)  
 
 
  A Victory for Companies in Shareholder Lawsuits  
  Score one for companies in their continuing fight against class-action lawsuits when their stock price falls. The Supreme Court has ruled that shareholders must prove a direct link between company statements and loss of share price. The case involves Dura Pharmaceuticals, which saw its stock price rise over enthusiasm for two new products, then fall as revenue and earnings numbers were below forecasts and the FDA didn't approve one of the drugs. Plaintiffs must prove that the company's misrepresentations caused the price to fall, the court said. Other circumstances can adversely impact the price.  
  (Published 20-Jun-2005)  
 
 
  Help Us Identify Our Shareholders  
  Leading advocate Ron Gruner, founder of Shareholder.com, has issued a plea to the SEC to revamp the system that keeps companies from identifying the bulk of their institutional and retail shareholders. Gruner argues that today's investment market environment demands full, fast and direct information flow between companies and their shareholders. This is being prevented by the rising percentage of investors holding their shares in street name. Gruner offers a 4-step process to overcome the problem and bring companies in direct contact with their shareholder base.  
  (Published 17-May-2005)  
 
 
  Fewer Companies Giving Guidance  
  Just 55% of companies in a new survey by Greenwich Associates are giving quarterly earnings guidance, compared with 72% in 2003. The percentage is higher at 60% among Fortune 500 companies. Main reasons for the decline are said to be fear of Reg FD and a desire by management to get investors focused on longer-term strategies and growth initiatives. The same survey shows reduced analyst coverage for most firms, escalating the value of good information and transparency directly from companies.  
  (Published 30-Mar-2005)  
 
 
  Regulations and all that Jazz  
  Financial executives are struggling to cope with all the new disclosure regulations. Look for a near doubling of the number of 8K filings likely to be made, to somewhere around 150,000 a year, thanks to the SEC's expanded list of corporate events and developments that are viewed as material. A pickup of filings is expected to meet Items 4.02 and 5.02: non-reliance and previously filed financial statements and departure of directors, suggests author Eleanor Bloxham.  
  (Published 30-Mar-2005)  
 
 
  Qualifying Analysts to Have Access to Management  
  The CFAI/NIRI task force encourages companies to establish criteria to qualify analysts for various levels of access to management. Criteria include professional credentials, previous published research, company knowledge, clout in the market and experience. Analysts perceiving their access to be limited may not be pleased.  
  (Published 04-Jan-2005)  
 
 
  On the Path to Better Investment Research  
  Best practices guidelines covering relationships between analysts and companies have been written by the two organizations representing the investment community and investor relations profession. The CFAI/NIRI guidelines seek objective, quality research and a doing away with gamesmanship between companies and analysts. Analysts should have no ties with banking; companies must accept the positives and negatives in research and not deny access to analysts. Included is an extensive set of rules covering research sponsored by companies; the intent is to make it independent and useful to investors.  
  (Published 04-Jan-2005)  
 
 
  10-K Disclosures on Critical Accounting Estimates Scrutinized  
  Kyle Brandon, research specialist at the Securities Industry Association studied the disclosures in the latest MD&A and other required filings of 19 financial service companies on a global basis. Overall, the companies won high marks for detail, perhaps fearing they would incur SEC criticism, otherwise. Key critical accounting estimates cover valuation of financial instruments (at fair value), loan loss allowances and provisions for credit losses, and goodwill and other identifiable intangible assets.  
  (Published 15-Jun-2004)  
 
 
  Building a Bridge of Trust  
  Solid, valuable and useful financial disclosure is the number one way CFOs and their companies can build confidence, trust and better relationships with institutional and individual investors. In this special interview with noted financial and value-based management consultant, Eleanor Bloxham details the financial information that companies often fail to provide, but is vitally needed by investors. Lack of transparency can cost a company by causing a lower valuation and share price, Bloxham contends.  
  (Published 10-Mar-2004)  
 
 
  What Investors Want to Know  
  Recently, Fortune magazine laid out 10 questions that investors should be asking companies. A modest suggestion: Spend all the time it takes to answer them well. Then, put them on your website and use the answers in presentations and discussions with investors and analysts. It should result in a more-informed market.  
  (Published 10-Mar-2004)  
 
 
  The SEC Takes on the MD&A Again  
  Clearly, the commission wants the MD&A to be the cornerstone of its Transparency platform. Ever since it mandated the document in 1980, the SEC has been working to get companies to provide more material disclosure. A new interpretative guidance release seeks to spell out the process companies should follow in determining the information to include in the document. And it warns companies again to be thorough in identifying, analyzing and reporting on known material trends and uncertainties that are likely to impact their financial condition and operating performance.  
  (Published 25-Feb-2004)  
 
 
  Our Biggest Critics: The Investors  
  A recent survey by the AIMR suggests that companies are not improving the quality of information. That's not news. Investors always seem to feel that way. But the need to change the perception of companies' contribution to the information pipeline certainly seems to be in order. Let's start by finding out what the analysts and portfolio managers are complaining about. We detail their criticisms here.  
  (Published 25-Feb-2004)  
 
 
  Resetting the Guidance Game  
  How we communicate what really matters is important. Guidance isn't the best information, our author contends. Enlightened companies are changing the nature of the information they provide to make it meaningful. In this process, they are emphasizing underlying fundamentals that drive long-term growth in intrinsic value rather than near-term managed numbers.  
  (Published 10-Feb-2004)  
 
 
  Guidance: No End in Sight  
  Companies continue to give quarterly and annual earnings guidance, even though some corporate stalwarts have decided it's not a good idea or have modified the content. Long-term investors seem to prefer that it go away, but it still drives short-term investing. Even the term stirs debate: Is guidance a handful of key numbers or an ongoing, solid investor relations effort?  
  (Published 18-Nov-2003)  
 
 
  Gaining an Information Advantage  
  Companies are working hard to meet the new disclosure requirements of the Sarbanes-Oxley Act, stepped up SEC and FASB rules. Accountants and lawyers are making sure managements comply. The result is more information and more detail. Thus, the level of disclosure is higher. And, fairly uniform among companies. Beyond that, managements can still help improve their value by voluntarily giving more to investors.  
  (Published 18-Nov-2003)  
 
 
  Derivations and Derivatives  
  FASB is mandating more disclosure on derivatives and securities accounting. In the recent past, companies have run into trouble by not being sufficiently revealing. More disclosure works best, for a host of good reasons.  
  (Published 30-Jul-2003)  
 
 
  It?s All About the Quality of Information  
  What is the state of the practice in disclosure today? Regulators are working to improve information. Companies are responding, at least in trying to meet the letter of the law. Some companies are more willing than others. Is it good enough? The market still doesn?t think so.  
  (Published 11-Jul-2003)  
 
 
  (Opinion) Is Coke?s Decision the Real Thing?  
  Coca-Cola is leading a small trend thus far in not giving quarterly earnings and revenue guidance to analysts and investors. Executives at Coke say they want to encourage investors and analysts to take a longer-term view of the company. Will it catch on? Is it a good idea? Or does it leave investors without vital short-term information. Our writers offer an opinion on the risks of cutting back on guidance.  
  (Published 28-May-2003)  
 
 
  Taking a Closer Look at Reg FD  
  Reg FD has changed the communications landscape for companies and investors alike. The real question is has disclosure improved? That?s our focus with this piece by Bill Mahoney  
  (Published 15-Apr-2003)  
 
 

Targeting

 
 
  Focusing on the Message when Targeting Institutions  
  Targeting refinements continue apace. Closer analysis of actual portfolio composition is enabling companies to refine their messages and thus hopefully catch the attention of the institutional analyst or portfolio manager. To wit: a small cap growth manager should want to know the company is pouring cash back into the business and hasn't yet been discovered by the sell side.  
  (Published 28-Apr-2005)  
 
 
  Go Direct: To The Buy Side  
  After all, it's the investors who make the decisions to buy shares in your company. Portfolio managers and analysts at institutions want to get their information right from the source. Companies should be the best source on what they're doing, how they're doing, and what we can expect in the future.  
  (Published 18-Nov-2003)  
 
 
  Attracting Longer-Term Institutional Investors  
  Bill Mahoney describes how understanding institutions? investing styles can be the basis of developing and communicating strategies and programs aimed at attracting and retaining longer-term investors.  
  (Published 28-May-2003)  
 
 
  Benefits of Targeting Institutional Portfolio Managers Directly  
  Institutional targeting continues to grow more sophisticated in helping companies focus their communications efforts on top prospects to buy shares or increase their position.  
  (Published 15-Apr-2003)  
 
 
  How to Make Investor Relations Really Matter  
  The IR role in helping a company communicate its value-creation proposition is brought to life in this case history involving Ashland Inc., where IR and strategic planning are managed by the same corporate officer.  
  (Published 15-Apr-2002)  
 
 

Benchmark Research

 
 
  New Paradigm for Equity Research?  
  Are we heading for a paradigm shift in stock research? Providers of the "new model" for producing research believe the conditions are right and the need is there. Good progress is being made in signing up research providers and showing companies the wisdom of funding the research through key intermediaries to assure objectivity and thus value for investors, report Dan Blank and David Weild, respective heads of the Independent Research Network and National Research Exchange. Research from their efforts is about to move into the capital marketplace.  
  (Published 11-Jul-2006)  
 
 
  Influencing the Analysts  
  How much influence does management exert in the reports, recommendations and forecasts of sell-side analysts? In recent years, analysts have been accused of doing little more than reporting what corporate executives want communicated to the equity market. Then, there is the question of what advantages does an analyst gain from a private meeting with the CEO or seat next to the boss at a meeting? The advantage seems very real when looking at how far analyst opinion extends beyond corporate disclosure. Body language clearly matters. We examined numerous analyst reports to raise some questions and hopefully gain some insights into the research work of the analytical community.  
  (Published 31-Jan-2006)  
 
 
  Forging Reporting Standards for Non-Financial Assets  
  Serious effort is underway to build a structure to standardize the process of reporting non-financial assets and value drivers. Everyone agrees that stock prices incorporate companies' intangible assets and drive future expectations of growth. A working group has decided to forge a standard-setting framework and is making good progress. A report on the state of that progress was given at the 2005 NIRI conference.  
  (Published 05-Oct-2005)  
 
 
  New Research Offers Good News for IROs  
  New findings from Rivel Research detail the growing role of investor relations as information resources for professional investors. More than 300 buy side analysts and portfolio managers took part in the study. A key conclusion: IROs at senior levels speak for management. Still, the CFO is the most sought after source for the investment pros. Portfolio managers are comfortable making buy/not buy decisions based on conversations with IROs. Other findings: A firm's own research is investment managers' best source; sell-side research remains useful; and institutional targeting is difficult. That latter finding prompts Rivel to suggest targeting the analysts at buy side firms and separating the targeting role from that of the strategic adviser to management. Make targeting a sales-driven function.  
  (Published 17-May-2005)  
 
 
  Two Steps Forward; One Step Backward  
  NIRI's latest survey of trends in the IR practice suggests a mixed bag in defining progress. Positives: Part of disclosure committees, contact with the board, rising support of the function from management, larger role as strategic adviser. Standing still: Expanding responsibilities, involvement with strategic planning, and progress in integrating communications functions at companies.  
  (Published 28-Feb-2005)  
 
 
  Market Perceptions Matter  
  Market feedback is an important element in companies' strategies to create value and make sure their information flow to investors has real value. Best way to keep tabs on investor perceptions and levels of understanding is to ask them. Companies are advised to conduct perceptions studies regularly. The first one serves as a benchmark.  
  (Published 14-Apr-2004)  
 
 
  Evaluating the Effectiveness of Your IR Website  
  It sure would be helpful for companies to know first-hand from investors the usefulness quotient of their investor relations website. Now they can get that feedback, and compare investor perceptions of the value of their online annual report and other communications vehicles with their competitors.  
  (Published 09-Sep-2003)  
 
 
  Improving Investor Relations By Understanding  
  This archived piece quotes several portfolio managers in reporting directly on how they build models, search for companies, and the value drivers at companies that cause them to buy certain stocks.  
  (Published 15-Apr-2003)  
 
 

Programs

 
 
  Nasdaq The Aggressor  
  With its acquisitions of Shareholder.com and PrimeZone, The Nasdaq Stock Market is making it clear that it intends to be a tough competitor in the battle for new listings among U.S. securities exchanges. These two latest acquisitions substantially bulk up the suite of investor relations services available to Nasdaq-listed companies.  
  (Published 11-Jul-2006)  
 
 
  Building a Global Investor Relations Program  
  Companies find important benefits in extending their shareholder base to include institutions and individuals in foreign lands. U.S. companies readily target Europe, while European, Asian, Middle Eastern and Latin American companies are eager to find investors and raise capital in the U.S. Vital elements to expand and diversify a company's shareholder base include information transparency, management commitment, first-hand contact and follow through.  
  (Published 18-Oct-2004)  
 
 
  Selling Small Companies to Investors  
  It can be tougher for smaller companies to gain the full attention of the investment market. Illiquidity and low trading volumes discourage analyst coverage from brokers wanting high transaction action. Investors need good information to be confident about making buy decisions. Much of that information must come from companies. That elevates the role of investor relations. Here are some thoughts on doing IR at a small cap company.  
  (Published 13-May-2004)  
 
 
  A New Age for Investment Banking  
  Investment banking business is declining and becoming more competitive. Companies are demanding credit lending as a foundation to use banks for other financing services such as stock and bond offerings and M&A advice. In rethinking their basic business models to find more profitable segments, banks are cutting back on research. Companies are responding by putting more communications emphasis on buy side relationships.  
  (Published 17-Dec-2003)  
 
 
  Writing a Crisis Management Plan for IR ? A Practical Approach  
  Crises are becoming a way of life for companies. Being prepared is the key to managing them to survive and grow afterwards. Here is a practical blueprint for being ready.  
  (Published 19-Jun-2003)  
 
 
  Investor Relations at Tiffany - Mark Aaron Focuses on Candor and Building Credibility Through the Quality of Information  
  Mark Aaron runs a tight investor relations program at Tiffany & Company, working to build credibility on the basis of providing quality information on strategies, business operations and financial results. Since the IPO in 1987, analyst coverage and the investor base have increased, while overall investment market respect of the company has grown.  
  (Published 19-Jun-2003)  
 
 

Applied Technology

 
 

Measurement

 
 
  Measuring Investor Relations  
  Efforts to measure the value of investor relations always have been elusive and somewhat controversial. A new survey from Rivel Research focuses on how CEOs tend to measure and value the practice. Two top measures: building CEO/management credibility and communicating the company's strategic vision. CEOs measure IR effectiveness on the basis of investment market feedback. Consultant Elizabeth Saunders lays out a series of ways to measure IR that are more subtle and sophisticated and offer real opportunity for IROs to enhance their value.  
  (Published 06-Sep-2006)  
 
 

Message Building

 
 
  Integrating Communications to Help Accomplish Strategic Initiatives  
  Companies are integrating communications functions to gain the full benefits of presenting key messages consistently across constituencies. A prime purpose is to take advantage of communications in enabling stakeholders to understand and accept key strategies and initiatives. A strategic communications culture starts from the top. Communications efforts must be truthful, honest, and consistent. Companies that use communications to mislead audiences eventually get caught.  
  (Published 23-Aug-2004)  
 
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