Running an Effective Investor Relations Department : A Comprehensive Guide

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2010-08-02
  • Publisher: Wiley
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The ultimate guide to investor relationsYour one-stop resource for everything pertaining to your company's dealings with the investment community, Running an Effective Investor Relations Department provides investor relations professionals with essential day-to-day information. From creating and properly communicating a company's investment story, to dealing with both the sell side and buy side of the investment community, to providing guidance, and the form and frequency of that guidance, this authoritative resource covers it all. Addresses every possible area of the investor relations profession Includes chapters covering disclosure, forward-looking statements, guidance, event management, and twenty other topics Other titles by Bragg: The Vest Pocket Controller, Accounting Best Practices, Sixth Edition, and Just-in-Time Accounting, Third EditionPractical and thorough, this book offers the world-class guidance you need to effectively manage your investor relations department.

Author Biography

STEVEN M. BRAGG, CPA, has been the chief financial officer or controller of four companies, as well as a consulting manager at Ernst & Young and an auditor at Deloitte & Touche. He received a master's degree in finance from Bentley College, an MBA from Babson College, and a bachelor's degree in economics from the University of Maine. He is also the author of Accounting Best Practices, Sixth Edition and Cost Reduction Analysis: Tools and Strategies, both published by Wiley.

Table of Contents

Prefacep. xi
About the Authorp. xiii
Managing Investor Relationsp. 1
Why Have an Investor Relations Department?p. 1
Investor Relations Objectives and Goalsp. 2
Investor Relations Toolsp. 3
Investor Relations Budgetp. 6
Float Managementp. 8
Managing Bad Newsp. 10
Responding to Rumorsp. 14
Summaryp. 15
Investor Relations Officer Positionp. 16
Key Aspects of the IRO Positionp. 16
IRO Job Descriptionp. 19
Investor Relations Teamp. 21
IRO as Management Representativep. 22
Summaryp. 23
Creating the Company Storyp. 24
Creating the Storyp. 24
Packaging the Storyp. 26
Strategic Credibilityp. 29
Clarifying and Mitigating Riskp. 30
Company Reputationp. 32
Matching the Company to the Storyp. 34
Duration of the Storyp. 34
Coordination with Public Relationsp. 35
Summaryp. 35
Event Managementp. 37
Conference Callp. 37
Road Showp. 41
Non-Deal Road Showp. 46
Annual Meetingp. 47
Plant Tourp. 49
Annual Analyst Meetingp. 49
Analyst and Industry Conferencesp. 50
Podcast Disseminationp. 50
Video Disseminationp. 52
Blog Disseminationp. 52
Event Disclosure Issuesp. 53
Practicing for Eventsp. 54
Summaryp. 55
Public Communicationsp. 57
Constructing a Press Releasep. 57
Dealing with the Mediap. 63
Dealing with Electronic Message Boardsp. 66
Investor Relations Advertisingp. 67
Summaryp. 68
Publicationsp. 69
Fact Sheetp. 69
Annual Reportp. 74
Product Pipeline Reportp. 77
Company-Paid Research Reportsp. 78
Independent Research Reportsp. 78
Welcome Kitp. 79
Videosp. 79
Other Publicationsp. 80
Information Tracking Systems for Publicationsp. 81
Legal Liabilityp. 82
Summaryp. 82
Investor Relations Web Sitep. 83
Basic Investor Relations Web Sitep. 83
Intermediate Investor Relations Web Sitep. 84
Advanced Investor Relations Web Sitep. 87
Web Site Layoutp. 90
Hyperlink Liabilityp. 91
Sample Web Sitesp. 92
Summaryp. 93
Management Discussion and Analysis Sectionp. 94
MD&A Reporting Requirementsp. 94
SEC Guidancep. 98
Examples of Enhanced MD&A Disclosurep. 99
A Case for Full Disclosurep. 101
Summaryp. 102
Disclosurep. 103
Form 8-Kp. 104
Disclosure of Non-GAAP Informationp. 111
Regulation FDp. 114
Disclosure Policyp. 115
Disclosure Procedurep. 117
Ensuring Compliance with Disclosure Rulesp. 118
Disclosure During an Initial Public Offeringp. 120
Summaryp. 121
Forward-Looking Statementsp. 122
Basis for Class Action Lawsuitsp. 122
Private Securities Litigation Reform Actp. 123
Forward-Looking Statementsp. 124
Legal Liability for Past Statementsp. 127
Summaryp. 127
Providing Guidancep. 128
Whether to Provide Guidancep. 128
Form of Guidance Issuedp. 130
Frequency and Timing of Guidancep. 132
Aggressiveness of Guidancep. 133
Guidance Policyp. 134
Summaryp. 135
Dealing with the Sell Sidep. 136
Analyst's Perspectivep. 136
Finding the Right Analystp. 139
Dealing with Analystsp. 140
Negative Analyst Reportp. 144
Dealing with Brokersp. 145
Pump and Dumpp. 147
Dealing with Investment Bankersp. 148
Dealing with Sell-Side Specialistsp. 149
Summaryp. 149
Dealing with the Buy Sidep. 151
Types of Investorsp. 151
Dealing with Institutional Investorsp. 153
Travel Requirements for Meetings with Institutional Investorsp. 156
Dealing with Individual Investorsp. 158
Dealing with Investment Clubsp. 160
Dealing with Foreign Investorsp. 161
Investor Presentationp. 162
Managing a Private Investment in Public Equityp. 164
Accredited Investorp. 164
Dividend Reinvestmentp. 165
Direct Stock Purchase Plansp. 165
Summaryp. 166
Dealing with Credit Rating Agenciesp. 167
Credit Rating Agency Relationshipp. 167
Summaryp. 169
Dealing with Short Sellers and Activist Investorsp. 170
How Short Sellers Operatep. 170
How to Handle Short Sellersp. 172
Monitoring Short Sellersp. 174
Dealing with Activist Investorsp. 174
Summaryp. 175
Dealing with the Board of Directorsp. 177
IRO and the Board of Directorsp. 177
Investor Relations Board Packetp. 182
Summaryp. 182
Major Stock Exchangesp. 183
Listing Processp. 183
American Stock Exchangep. 184
Overview of the NASDAQp. 187
NASDAQ Capital Marketp. 187
NASDAQ Global Marketp. 188
New York Stock Exchangep. 190
Comparing the Stock Exchangesp. 191
Summaryp. 193
Monitoring the Marketp. 194
Monitoring through Internet Servicesp. 194
Monitoring through Individualsp. 195
Surveying Investorsp. 196
Locating Investorsp. 199
Monitoring through a Stock Surveillance Servicep. 200
Monitoring through a Stock Transfer Agentp. 201
Bloomberg Terminalsp. 201
Electronic Message Boardsp. 201
Activity Caused by Trading Strategiesp. 202
Summaryp. 204
Blue Sky Lawsp. 206
Blue Sky Law Requirements and Implicationsp. 206
Blue Sky Advice for the IROp. 208
Proxy Solicitationsp. 209
Proxy Solicitation Conceptsp. 209
Online Proxy Votingp. 215
Proxy Distribution Processp. 218
NYSE Rule 452p. 222
Summaryp. 223
Dividends and Stock Buy-Backsp. 224
Transition to a Dividendp. 224
Dividend Policyp. 225
Stock Buy-Back Alternativep. 227
SEC Conditions on Stock Buy-Backsp. 228
Disclosure of a Stock Buy-Back Programp. 229
Odd-Lot Shareholdingsp. 231
Summaryp. 232
Outsourcing Investor Relationsp. 233
Skill Set of an Investor Relations Consultantp. 233
Managing the Consultant Relationshipp. 236
National Investor Relations Institutep. 237
Summaryp. 237
Investor Relations Metricsp. 239
Internal and Financial Metricsp. 239
Peer Metricsp. 244
Company-Specific Metricsp. 245
Metrics Consistencyp. 246
Explaining Resultsp. 247
Summaryp. 249
Indexp. 250
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