IR professionals argue that good investor relations contributes to the “fair valuation of firms”. We test the proposition that effective communication of accounting and other firm-specific information enhances firm value directly employing a unique and large database of firms nominated for...

"This paper brings together the evidence on two asset pricing anomalies-continuation of prior returns (momentum) and the market mispricing of distressed firms-using UK data. Our analysis demonstrates both these effects are driven by market underreaction to financial distress risk. In particular,...