Contents

Chapter 1       Putting IR on the map

Defining the corporate activity of Investor Relations
Information processes and information asymmetry
IR theoretical foundations
Agency theory foundations
Efficient market hypothesis (EMH) foundations
Direct and indirect corporate communication
Summary

Chapter 2      The Function of Investor Relations – The Greek IR Model & Experience

Setting up the IR map
The strategic IR programme / plan
The market and the main market players in the corporate communication process
The Greek market – Macroeconomic view
The Greek market – Microeconomic view
The Greek capital market
Main players in the Greek corporate communication process
The Capital Market Committee (the Greek SEC)
The Athens Stock Exchange (ASE)
Fund managers – Information end users
Analysts
Media
Brokers
Greek listed companies
SED (Internet Investors’ Association)
Hellenic Investor Relations Institute (HIRI)
Greek IR life cycle
IR learning curve
IR prerequisites and constraints
IR tools and corporate communication
Concluding remarks from the Greek IR experience
Summary

Chapter 3       Regulated Corporate Disclosure and IR 

Introduction
Corporate Governance (CG)
Purpose and motives of Corporate Governance
Global CG and regulated corporate disclosure
The Corporate Governance framework in Greece
Channels of Greek Corporate Governance
Incorporation law
Securities legislation
The Athens Stock Exchange listing requirements
EU regulations and rules
Corporate Governance – Regulated Corporate Disclosure and IR in Greece
Greek industry structure and IR
Corporate Social Responsibility and EIRIS / FTSE 4 GOOD
Corporate Accounting Practice (IFRS vs. Greek GAAP) and IR
Summary

Chapter 4       Corporate Disclosure via Intermediaries and IR

Introduction
The role of intermediaries
Defining intermediaries
Intermediary corporate communication
Intermediary corporate communication 1: Analysts
Analysts as communication channels
Analyst coverage
Company feedback on sell-side analysts’ reports
Analysts’ substitution of the IR
Communication via the analysts in Greece
Intermediary corporate communication 2: Media
Media as communication channel
Media substitution of the IR
Communication via the media in Greece
Intermediary corporate communication 3: Brokers
Brokers as communication channels
Brokers’ substitution of the IR
Communication via the brokers in Greece
Intermediary corporate communication 4: External IR consultants
External IR consultants’ as communication channel
External IR consultants’ substitution of the IR
Communication via the External IR consultants  in Greece
Intermediary corporate communication 5: Auditors and Lawyers
Auditors/Lawyers as communication channels
Auditors’ substitution of the IR
Intermediary corporate communication 6: Custodians
Intermediary corporate communication 7: Specialists
Information intermediaries and regulation
Information intermediaries and voluntary disclosure
Communication via intermediaries in Greece
IR tools for disclosure via intermediaries
Summary

Chapter 5       Voluntary Corporate Disclosure: IR Prerequisites

IR prerequisites and constraints
Main prerequisites for a proactive / effective corporate communication policy
IR Prerequisite 1: Top management’s commitment and involvement in the IR
IR Prerequisite 2: Qualified team in the corporate communication
IR Prerequisite 3: Position of the IR in the corporate structure
IR Prerequisite 4: Organization of the IR office – function
IR Prerequisite 5: Profile of the IRO
IR Prerequisite 6: Motivation of the IRO
IR Prerequisite 7: Internal (company) communication
IR Prerequisite 8: Substitution and Synergies of the IR office
IR Prerequisite 9: Company’s control and restrictions of communication
Summary

Chapter 6       Voluntary Corporate Disclosure: Intermediary IR goals

Introduction
IR Intermediary goal 1: Diagnosis of the investment case
IR Intermediary goal 2: Positioning the investment case
IR Intermediary goal 3: Market research and matching
IR Intermediary goal 4: Identifying and targeting financial markets
IR Intermediary goal 5: Identifying local partners
IR Intermediary goal 6: Creating a strategic IR programme
Strategic intent
Strategic IR plan objectives
Strategic target audiences
End (Information) Users
Information Intermediaries
Strategic Message
IR Intermediary goal 7: Creating an IR activity plan
IR Intermediary goal 8: Pre-marketing and pre-selling
IR Intermediary goal 9: Increasing company visibility and raising investor interest
IR Intermediary goal 10: Building investor confidence
IR Intermediary goal 11: Increasing stock liquidity via multiple listings
Multiple Listings and corporate disclosure
Dual Listing and IR – The Greek experience
American Depositary Receipts (ADRs listing)
Dual Listing and IR
IR Intermediary goal 12: Equity (IPOs and Secondary) share offerings & roadshows
Summary

Chapter 7       Voluntary Corporate Disclosure: Ultimate IR goals

IR Objectives
Types of IR objectives
Measurable IR goals and objectives
Key IR tasks
IR ultimate goal 1: Knowing shareholders and potential investors
IR ultimate goal 2: Increasing analyst coverage
IR ultimate goal 3: Increasing media coverage
IR ultimate goal 4: Increasing stock liquidity
IR ultimate goal 5: Attracting local and global capital
IR ultimate goal 6: Increasing stock price
Summary

Chapter 8       Voluntary Corporate Disclosure: IR communication tools

An overview of corporate communication tools
IR communication tool 1: Personal (face to face) communication
Group presentations
Private (or one on one) meetings
Visiting companies (on site visits)
Company’s meetings with FAs and FMs
Types of information disclosed in the meetings
IR communication tool 2: Wire communication
Telephone communication
Conference calls communication
IR communication tool 3: Roadshow communication
Roadshows guidelines by the Athens Stock Exchange (ASE)
Roadshows by Greek companies
Greek roadshow effectiveness
Roadshow implementation
Tactical roadshows
Proactive roadshows
Effectiveness of the roadshow communication policy
IR communication tool 4: Internet communication
Internet Financial Reporting (IFR)
Email  communication
Web site communication
Web casting Communication
IR communication tool 5: Traditional communication
Mail communication
Summary

Chapter 9       Voluntary Corporate Disclosure: Post placement IR a activity

Introduction
Post Placement IR Objectives
IR post placement goal 1: Following up timeously
IR post placement goal 2: Communicating authoritatively
Official communication
IR post placement goal 3: Searching for new investors
IR post placement goal 4: Updating company insiders
IR post placement goal 5: Upgrading IRO’s role
IRO as the designated official spokesperson
IROs’ providing quality of information
IR post placement goal 6: Evaluating IR and IROs’effectiveness
What constitutes a good and effective IR office?
Summary

Chapter 10      IR Effectiveness

Introduction
The IR programme
Strategic corporate communication programme and IR planning
IR global strategy at a local level
Positioning and messaging
Crisis management
Proactive approach
IR Tools and Channels
An effective IR model
Adding value
Summary

Appendices
Acknowledgements
References
Bibliography
Tables
Figures
Abbreviations

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