Investor relations, firm visibility, and investor following

Accounting Review

Volumn 87, Issue 3, 2012, Pages 867-897

  Bushee, Brian J ^a   Miller, Gregory S ^b  

^a UNIVERSITY OF PENNSYLVANIA   (United States)

^b UNIVERSITY OF MICHIGAN   (United States)

Author keywords

Analysts; Disclosure; Institutional investors; Investor relations; Media

Indexed keywords

EID: 84870602292     PISSN: 00014826     EISSN: None     Source Type: Journal    
DOI: 10.2308/accr-10211     Document Type: Article

References (50)

1. Abarbanell, J., B. Bushee, and J. Raedy. 2003. Institutional investor preferences and price pressure: The case of corporate spin-offs. Journal of Business 76:233-261. (Pubitemid 38148810)
2. Agarwal, V., A. Liao, R. Taffler, and E. Nash. 2008. The Impact of Effective Investor Relations on Market Value. Working paper, Cranfield University.
3. Amihud, Y., H. Mendelson, and J. Uno. 1999. Number of shareholders and stock prices: Evidence from Japan. Journal of Finance 54:1169-1184.
4. Armstrong, C., A. Jagolinzer, and D. Larcker. 2010. Chief executive officer equity incentives and accounting irregularities. Journal of Accounting Research 48:225-71.
5. Botosan, C. 1997. Disclosure level and the cost of equity capital. The Accounting Review 72:323-350. (Pubitemid 127108841)
6. Botosan, C., and M. Plumlee. 2002. A re-examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research 40:21-40.
7. Brennan, M., and C. Tamarowski. 2000. Investor relations, liquidity, and stock prices. Journal of Applied Corporate Finance 12:26-37.
8. Brown, S., and S. Hillegeist. 2007. How disclosure quality affects the level of information asymmetry. Review of Accounting Studies 12:443-477.
9. Bushee, B. 2001. Do institutional investors prefer near-term earnings over long-run value? Contemporary Accounting Research 18:207-246. (Pubitemid 33679596)
10. Bushee, B., J. Core, W. Guay, and S. Hamm. 2010. The role of the business press as an information intermediary. Journal of Accounting Research 48:1-19.
11. Bushee, B., and C. Leuz. 2005. Economic consequences of SEC disclosure regulation: Evidence from the OTC Bulletin Board. Journal of Accounting & Economics 39:233-264. (Pubitemid 40553756)
12. Bushee, B., and C. Noe. 2000. Corporate disclosure practices, institutional investors, and stock return volatility. Journal of Accounting Research 38:171-202.
13. Byrne, J. 1999. When capital gets antsy. BusinessWeek (September 13): 72-76.
14. Campbell, J., T. Ramadorai, and A. Schwartz. 2009. Caught on tape: Institutional trading, stock returns, and earnings announcements. Journal of Financial Economics 92:66-91.
15. Chang, M., G. D'Anna, I. Watson, and M. Wee. 2008. Does disclosure quality via investor relations affect information asymmetry? Australian Journal of Management 33:375-400.
16. Chen, J., H. Hong, and J. Stein. 2002. Breadth of ownership and stock returns. Journal of Financial Economics: 171-205.
17. Cooper, I., and E. Kaplanis. 1994. Home bias in equity portfolios, inflation herding, and international capital market equilibrium. Review of Financial Studies: 45-60.
18. Coval, J., and T. Moskowitz. 1999. Home bias at home: Local equity preference in domestic portfolios. Journal of Finance 54:2045-2073.
19. Del Guercio, D. 1996. The distorting effect of the prudent-man laws on institutional equity investments. Journal of Financial Economics 40:31-62. (Pubitemid 126169087)
20. Elgin, P. 1992. Strategic pairings uncork blessings for investors, issuers. Corporate Cashflow 13:7-8.
21. Falkenstein, E. 1996. Preferences for stock characteristics as revealed by mutual fund portfolio holdings. Journal of Finance 51:111-135. (Pubitemid 126314156)
22. Farragher, E., R. Kleiman, and M. Bazaz. 1994. Do investor relations make a difference? The Quarterly Review of Economics and Finance 34:403-412.
23. Francis, J., J. Hanna, and D. Philbrick. 1997. Management communication with securities analysts. Journal of Accounting and Economics 24:363-394.
24. French, K., and J. Poterba. 1991. Investor diversification and international equity markets. American Economics Review: 222-226.
25. Gervais, S., R. Kaniel, and D. Mingelegrin. 2001. The high volume premium. The Journal of Finance 56:877-919.
26. Gompers, P., and A. Metrick. 2001. Institutional investors and equity prices. Quarterly Journal of Economics 116:229-259. (Pubitemid 33593855)
27. Grullon, G., G. Kanatas, and J. Weston. 2004. Advertising, breadth of ownership, and liquidity. Review of Financial Studies 17:439-461. (Pubitemid 39159589)
28. Harrison, C. 2010. Hitting the bull's-eye. IR Magazine, Americas 213:25-27.
29. Healy, P., A. Hutton, and K. Palepu. 1999. Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research 16:485-520.
30. Heflin F., K. Shaw, and J. Wild. 2005. Disclosure policy and market liquidity: Impact of depth quotes and order sizes. Contemporary Accounting Research 22:829-865. (Pubitemid 43036352)
31. Hong, H., and M. Huang. 2003. Talking up liquidity: Insider trading and investor relations. Working paper, Stanford University.
32. Huberman, G. 2001. Familiarity breeds investment. Review of Financial Studies 14:659-680.
33. Irvine, P. 2003. The incremental impact of analyst initiation of coverage. Journal of Corporate Finance 431-451. (Pubitemid 36515510)
34. Kadlec, G., and J. McConnell. 1994. The effect of market segmentation and illiquidity on asset prices: Evidence from exchange listings. Journal of Finance 49:611-636.
35. Kang, J., and R. Stulz. 1997. Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan. Journal of Financial Economics 46:3-28. (Pubitemid 127163074)
36. Kennedy, P. 1998. A Guide to Econometrics. 4th Edition. Cambridge, MA: MIT Press.
37. Kirk, M. 2008. The effect of investor relations on income objectives and meeting expectations. Working paper, University of Florida.
38. Lang, M., and R. Lundholm. 1996. Corporate disclosure policy and analyst behavior. The Accounting Review 71:467-492.
39. Lehavy, R., and R. Sloan. 2008. Investor recognition and stock returns. Review of Accounting Studies 13:327-361.
40. Leone, M. 2004. Sell-side analysts dropping small-caps. CFO.com (April 28).
41. Liu, J., D. Nissim, and J. Thomas. 2002. Equity valuation using multiples. Journal of Accounting Research 40:135-172.
42. Merton, R. 1987. A simple model of capital market equilibrium with incomplete information. Journal of Finance 42:483-510.
43. Miller, G. 2006. The press as a watchdog for accounting fraud. Journal of Accounting Research 44:1001-1033. (Pubitemid 44630074)
44. O'Brien, P., and R. Bhushan. 1990. Analyst following and institutional ownership. Journal of Accounting Research 28:55-76.
45. Preacher, K., and A. Hayes. 2008. Asymptotic and resampling strategies for assessing and comparing indirect effects in multiple mediator models. Behavior Research Methods 40:879-891.
46. Rubin, D. 1987. Multiple Imputation for Nonresponse in Surveys. New York, NY: John Wiley & Sons, Inc.
47. Rubin, D. 1996. Multiple imputation after 18+ years. Journal of the American Statistical Association 91:473-489.
48. Shadish, W., T. Cook, and D. Campbell. 2002. Experimental and Quasi-Experimental Design. New York, NY: Houghton, Mifflin.
49. Walther, B. 1997. Investor sophistication and market earnings expectations. Journal of Accounting Research 35:157-180. (Pubitemid 127152054)
50. Welker, M. 1995. Disclosure policy, information asymmetry, and liquidity in equity markets. Contemporary Accounting Research 11:801-828.