Investor Relations and Information Assimilation
研究发现，设有投资者关系（IR）官员的公司股价波动更低、分析师预测更准确且价格发现更快，且经验丰富的IR官员效果更强；更换IR官员后这些优势消失，表明IR官员帮助市场吸收公司信息。
ABSTRACT This paper examines whether investor relations (IR) officers provide value by facilitating the assimilation of firm information by the market. We find that firms with IR officers have lower stock price volatility, lower analyst forecast dispersion, higher analyst forecast accuracy, and quicker price discovery, consistent with IR officers aiding market participants in their assimilation of firm information. We also show that our findings are stronger for firms with longer-tenured IR officers. Finally, we find that when firms transition from a long-tenured IR officer to a new IR officer, stock price volatility increases, analyst forecasts become more disperse and less accurate, and the price discovery process slows, despite no significant change in the firm's disclosures, media coverage, or performance around the turnover. Collectively, these findings suggest that in-house IR officers, particularly those with greater experience, help facilitate information assimilation by the market, which has positive market effects. JEL Classifications: G14; M40; M41.