Conventional economic theory, applied to information released by listed companies, equates ‘useful’ with ‘price-sensitive’. Stock exchange rules accordingly prohibit the selective, private communication of price-sensitive information. Yet, even in the absence of such communication, UK...

We consider the consequences of the regular private meetings between directors of FTSE 100 companies and their major institutional shareholders. Whilst the economic incentives for both the flow of information and the formation of 'strategic informational relationships' between the two have been...

Government has been pressing one group in civil society - financial institutions - to regulate the behavior of another group - the companies in which they invest. We consider the implications of this and assess the prospects for success, drawing on evidence obtained in our recent study of the...

This paper draws upon empirical qualitative research with Finance Directors and Investor Relations managers to examine the disciplinary consequences of their meetings with institutional investors. These private meetings have increased both in frequency and importance in the last decade, but,...

We draw on a series of in-depth interviews with senior managers from institutional investors and large listed corporations to explore how different conceptualizations of institutional investors, their role in the corporate governance process, and their interactions with corporate management, are...

The comply-or-explain principle is a central element of most codes of corporate governance. Originally put forward by the Cadbury Committee in the UK as a practical means of establishing a code of corporate governance whilst avoiding an inflexible ‘one size fits all’ approach, it has since...

The comply-or-explain principle is a central element of most codes of corporate governance. Originally put forward by the Cadbury Committee in the UK as a practical means of establishing a code of corporate governance whilst avoiding an inflexible “one size fits all” approach, it has since...