Common Investor Relations Representation
研究发现多家上市公司共用同一家外部投资者关系代表时，会带来机构持股和分析师覆盖的重叠增加，以及披露行为的趋同，最终导致股价联动性增强。
ABSTRACT This study examines the capital market implications of common investor relations (IR) representation, a phenomenon in which multiple public firms share the same external IR representative. Using a difference‐in‐differences research design, I document that common IR representation is associated with greater overlap in institutional ownership and sell‐side analyst coverage as well as similarities in disclosure practices among clients—even those operating in different industries. These effects culminate in heightened return comovement among firms sharing IR representation. My findings provide insight into the role of IR companies as capital market gatekeepers and suggest that when a firm outsources its IR function, the IR company influences its capital market connectivity.