As a strategic communication function, Investor Relations is described as the primary connection between companies and their financial publics (e.g., investors, analysts, etc.). It focuses on relationship building between the company and its financial community, increases the visibility and understanding of the company, and supports building trust, credibility, and a good reputation. Thus, IR influences stock markets and is jointly responsible for the success of listed companies. And especially in an era characterized by changes, instabilities, and fast pace due to digitalization, turbulent political landscapes, economic instabilities, etc., IR now faces multiple challenges that make effective corporate communication more critical than ever before.

The course refers to the

• basics (e.g., definition, history, profession)
• practice (e.g., social media, ESG)
• and current challenges (e.g., rise of private investors, digitalization)

of investor relations and financial communication. Therefore, it combines

• Input of practitioners within the field of Investor Relations and related
• Theoretical discussion of topics
• Hands-on work within small group projects

The course provides an overview of the characteristics of investor relations and financial communication, as well as the development of the discipline over the last decades. It examines core terms and concepts like tasks and fields of IR professionals and target groups of IR. Students will gain an understanding of disclosure and reporting functions and analyze how investor relations and financial communication lead to value creation and contribute to the overall success of listed companies. Further, current developments within the field, like the use of social media, the role of financial media, or passive investment, will be discussed. Thereby the course also focuses on contemporary challenges such as shifting shareholder bases, socially responsible investing, or shareholder activism.

Financial communication and investor relations are key fields of professional communication in market economies. The goal of the course is to help students to realize the following learning outcomes:

• The importance of communications in financial arenas
• The importance of communicative relationships between investors and companies, and what role concepts like trust and credibility play in these relationships
• Know key theories and concepts in the emerging field of financial communication and investor relations
• Apply theoretical insights to real cases
• Analyze the importance of communication through case studies

Attendance is compulsory for the course to pass the course. Students must be present at least 80% of the lecture time; Thus, a maximum of one session (=3 hours) can be missed.

The content of the course will be conveyed, deepened, discussed, and applied through

• guest lectures
• theoretical input
• practice-oriented group exercises and discussions

The course comprises three assessment components in the sessions as well as homework assignments. The components should cover the field of investor relations and financial communication from scientific and practical perspectives.

1. Active participation and small group projects: 30% (individual, in-class)
   1. Participation in discussions, brainstorming, etc.
   2. Based on the input-part of the session, students will work on small group projects (e.g., develop communication strategies, analyze webpages, etc.) during the sessions.
   3. The results of these projects will be presented afterwards
2. Improve an IR approach: 40% (in groups, presentation)
   1. Pick a company and their IR approach.
   2. Evaluate it and present options and ideas for improvement.
3. Reflection on one of the guest lectures: 30% (individual, written)
   1. Students will get assigned to three scientific papers.
   2. After reading the papers, information regarding the content and learnings will be collected in a literature matrix.

Please note that all of your submissions have to be your own work, it has to comply with WU policies regarding plagiarism, cheating and collusion, and it may be subject to potential plagiarism checks. Using ChatGPT, Bard, or other AI-generated content is prohibited.

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