
Running an Effective Investor Relations Department A Comprehensive Guide
by Bragg, Steven M.Buy New
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Summary
Author Biography
Table of Contents
Preface | p. xi |
About the Author | p. xiii |
Managing Investor Relations | p. 1 |
Why Have an Investor Relations Department? | p. 1 |
Investor Relations Objectives and Goals | p. 2 |
Investor Relations Tools | p. 3 |
Investor Relations Budget | p. 6 |
Float Management | p. 8 |
Managing Bad News | p. 10 |
Responding to Rumors | p. 14 |
Summary | p. 15 |
Investor Relations Officer Position | p. 16 |
Key Aspects of the IRO Position | p. 16 |
IRO Job Description | p. 19 |
Investor Relations Team | p. 21 |
IRO as Management Representative | p. 22 |
Summary | p. 23 |
Creating the Company Story | p. 24 |
Creating the Story | p. 24 |
Packaging the Story | p. 26 |
Strategic Credibility | p. 29 |
Clarifying and Mitigating Risk | p. 30 |
Company Reputation | p. 32 |
Matching the Company to the Story | p. 34 |
Duration of the Story | p. 34 |
Coordination with Public Relations | p. 35 |
Summary | p. 35 |
Event Management | p. 37 |
Conference Call | p. 37 |
Road Show | p. 41 |
Non-Deal Road Show | p. 46 |
Annual Meeting | p. 47 |
Plant Tour | p. 49 |
Annual Analyst Meeting | p. 49 |
Analyst and Industry Conferences | p. 50 |
Podcast Dissemination | p. 50 |
Video Dissemination | p. 52 |
Blog Dissemination | p. 52 |
Event Disclosure Issues | p. 53 |
Practicing for Events | p. 54 |
Summary | p. 55 |
Public Communications | p. 57 |
Constructing a Press Release | p. 57 |
Dealing with the Media | p. 63 |
Dealing with Electronic Message Boards | p. 66 |
Investor Relations Advertising | p. 67 |
Summary | p. 68 |
Publications | p. 69 |
Fact Sheet | p. 69 |
Annual Report | p. 74 |
Product Pipeline Report | p. 77 |
Company-Paid Research Reports | p. 78 |
Independent Research Reports | p. 78 |
Welcome Kit | p. 79 |
Videos | p. 79 |
Other Publications | p. 80 |
Information Tracking Systems for Publications | p. 81 |
Legal Liability | p. 82 |
Summary | p. 82 |
Investor Relations Web Site | p. 83 |
Basic Investor Relations Web Site | p. 83 |
Intermediate Investor Relations Web Site | p. 84 |
Advanced Investor Relations Web Site | p. 87 |
Web Site Layout | p. 90 |
Hyperlink Liability | p. 91 |
Sample Web Sites | p. 92 |
Summary | p. 93 |
Management Discussion and Analysis Section | p. 94 |
MD&A Reporting Requirements | p. 94 |
SEC Guidance | p. 98 |
Examples of Enhanced MD&A Disclosure | p. 99 |
A Case for Full Disclosure | p. 101 |
Summary | p. 102 |
Disclosure | p. 103 |
Form 8-K | p. 104 |
Disclosure of Non-GAAP Information | p. 111 |
Regulation FD | p. 114 |
Disclosure Policy | p. 115 |
Disclosure Procedure | p. 117 |
Ensuring Compliance with Disclosure Rules | p. 118 |
Disclosure During an Initial Public Offering | p. 120 |
Summary | p. 121 |
Forward-Looking Statements | p. 122 |
Basis for Class Action Lawsuits | p. 122 |
Private Securities Litigation Reform Act | p. 123 |
Forward-Looking Statements | p. 124 |
Legal Liability for Past Statements | p. 127 |
Summary | p. 127 |
Providing Guidance | p. 128 |
Whether to Provide Guidance | p. 128 |
Form of Guidance Issued | p. 130 |
Frequency and Timing of Guidance | p. 132 |
Aggressiveness of Guidance | p. 133 |
Guidance Policy | p. 134 |
Summary | p. 135 |
Dealing with the Sell Side | p. 136 |
Analyst's Perspective | p. 136 |
Finding the Right Analyst | p. 139 |
Dealing with Analysts | p. 140 |
Negative Analyst Report | p. 144 |
Dealing with Brokers | p. 145 |
Pump and Dump | p. 147 |
Dealing with Investment Bankers | p. 148 |
Dealing with Sell-Side Specialists | p. 149 |
Summary | p. 149 |
Dealing with the Buy Side | p. 151 |
Types of Investors | p. 151 |
Dealing with Institutional Investors | p. 153 |
Travel Requirements for Meetings with Institutional Investors | p. 156 |
Dealing with Individual Investors | p. 158 |
Dealing with Investment Clubs | p. 160 |
Dealing with Foreign Investors | p. 161 |
Investor Presentation | p. 162 |
Managing a Private Investment in Public Equity | p. 164 |
Accredited Investor | p. 164 |
Dividend Reinvestment | p. 165 |
Direct Stock Purchase Plans | p. 165 |
Summary | p. 166 |
Dealing with Credit Rating Agencies | p. 167 |
Credit Rating Agency Relationship | p. 167 |
Summary | p. 169 |
Dealing with Short Sellers and Activist Investors | p. 170 |
How Short Sellers Operate | p. 170 |
How to Handle Short Sellers | p. 172 |
Monitoring Short Sellers | p. 174 |
Dealing with Activist Investors | p. 174 |
Summary | p. 175 |
Dealing with the Board of Directors | p. 177 |
IRO and the Board of Directors | p. 177 |
Investor Relations Board Packet | p. 182 |
Summary | p. 182 |
Major Stock Exchanges | p. 183 |
Listing Process | p. 183 |
American Stock Exchange | p. 184 |
Overview of the NASDAQ | p. 187 |
NASDAQ Capital Market | p. 187 |
NASDAQ Global Market | p. 188 |
New York Stock Exchange | p. 190 |
Comparing the Stock Exchanges | p. 191 |
Summary | p. 193 |
Monitoring the Market | p. 194 |
Monitoring through Internet Services | p. 194 |
Monitoring through Individuals | p. 195 |
Surveying Investors | p. 196 |
Locating Investors | p. 199 |
Monitoring through a Stock Surveillance Service | p. 200 |
Monitoring through a Stock Transfer Agent | p. 201 |
Bloomberg Terminals | p. 201 |
Electronic Message Boards | p. 201 |
Activity Caused by Trading Strategies | p. 202 |
Summary | p. 204 |
Blue Sky Laws | p. 206 |
Blue Sky Law Requirements and Implications | p. 206 |
Blue Sky Advice for the IRO | p. 208 |
Proxy Solicitations | p. 209 |
Proxy Solicitation Concepts | p. 209 |
Online Proxy Voting | p. 215 |
Proxy Distribution Process | p. 218 |
NYSE Rule 452 | p. 222 |
Summary | p. 223 |
Dividends and Stock Buy-Backs | p. 224 |
Transition to a Dividend | p. 224 |
Dividend Policy | p. 225 |
Stock Buy-Back Alternative | p. 227 |
SEC Conditions on Stock Buy-Backs | p. 228 |
Disclosure of a Stock Buy-Back Program | p. 229 |
Odd-Lot Shareholdings | p. 231 |
Summary | p. 232 |
Outsourcing Investor Relations | p. 233 |
Skill Set of an Investor Relations Consultant | p. 233 |
Managing the Consultant Relationship | p. 236 |
National Investor Relations Institute | p. 237 |
Summary | p. 237 |
Investor Relations Metrics | p. 239 |
Internal and Financial Metrics | p. 239 |
Peer Metrics | p. 244 |
Company-Specific Metrics | p. 245 |
Metrics Consistency | p. 246 |
Explaining Results | p. 247 |
Summary | p. 249 |
Index | p. 250 |
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