--- title: The Guidance Effect, Re-visited description: The Guidance Effect, Re-visited --- - [Our Blog: The Podium](http://www.investorrelations.com/investor-relations-blog/) - [Sign up for IR News](https://info.investorrelations.com/sign-up-for-our-weekly-newsletter-investor-relations-around-the-web) - [Careers](http://www.investorrelations.com/careers/) - - CLOSE ### Weekly IR News Round Up - [Our Blog: The Podium](http://www.investorrelations.com/investor-relations-blog/) - [Sign Up for the Newsletter](http://www.investorrelations.com/about/#) - [Careers](http://www.investorrelations.com/careers/) - - - [Practice Areas](http://www.investorrelations.com/practice-areas/) - [Investor Relations](http://www.investorrelations.com/practice-areas/investor-relations/) - [ESG Engagement](https://www.investorrelations.com/practice-areas/esg-engagement/) - [Corporate Communications](http://www.investorrelations.com/practice-areas/corporate-communications/) - [Crisis Communications](http://www.investorrelations.com/practice-areas/crisis-communication/) - [Transaction Communications](http://www.investorrelations.com/practice-areas/transaction-communications/) - [Reputation Management](http://www.investorrelations.com/practice-areas/reputation-management/) - [Presentation and Media Training](http://www.investorrelations.com/practice-areas/presentation-and-media-training/) - [Private Company IR](https://www.investorrelations.com/practice-areas/private-company-ir/) - [Case Studies](http://www.investorrelations.com/case-studies/) - [IPO Program](http://www.investorrelations.com/case-studies/ipo-program/) - [Investor Outreach](http://www.investorrelations.com/case-studies/investor-outreach/) - [Crisis Communications](http://www.investorrelations.com/case-studies/crisis-communications/) - [Meetings and Introductions](http://www.investorrelations.com/case-studies/meetings-and-introductions/) - [Communicating Shortfalls](http://www.investorrelations.com/case-studies/communicating-shortfalls/) - [Corporate Visibility](http://www.investorrelations.com/case-studies/corporate-visibility/) - [Perception Audit](http://www.investorrelations.com/case-studies/perception-audit/) - [Presentation Training](http://www.investorrelations.com/case-studies/presentation-training/) - [Investor Day](http://www.investorrelations.com/case-studies/investor-day/) - [CEO Transition Communications](http://www.investorrelations.com/case-studies/ceo-transition-communications/) - [Rebuilding Credibility](http://www.investorrelations.com/case-studies/rebuilding-credibility/) - [Mergers & Acquisitions](http://www.investorrelations.com/case-studies/mergers-acquisitions/) - [Shareholder Activism](http://www.investorrelations.com/case-studies/shareholder-activism/) - [Proxy Fights](http://www.investorrelations.com/case-studies/proxy-fights/) - [Acquisition Support](http://www.investorrelations.com/case-studies/acquisition-support/) - [Management Credibility](http://www.investorrelations.com/case-studies/management-credibility/) - [Media Relations](http://www.investorrelations.com/case-studies/media-relations/) - [Surviving Bankruptcy](http://www.investorrelations.com/case-studies/surviving-bankruptcy/) - [Asbestos Liability](http://www.investorrelations.com/case-studies/asbestos-liability/) - [Private Company IR](https://www.investorrelations.com/case-studies/private-company-ir/) - [Industry Expertise](http://www.investorrelations.com/industry-expertise/) - [Life Sciences](http://www.investorrelations.com/industry-expertise/life-sciences/) - [Technology](http://www.investorrelations.com/industry-expertise/technology/) - [Industrial](http://www.investorrelations.com/industry-expertise/industrial/) - [Consumer/Retail](http://www.investorrelations.com/industry-expertise/consumer-retail/) - [Additional Experience](http://www.investorrelations.com/industry-expertise/additional-experience/) - [About](http://www.investorrelations.com/about/) - [Meet Our Team](http://www.investorrelations.com/about/meet-our-team/) - [Awards and Accolades](http://www.investorrelations.com/about/awards-and-accolades/) - [Press Releases](http://www.investorrelations.com/about/press-releases/) - [In the News](http://www.investorrelations.com/about/in-the-news/) - [Philanthropy](http://www.investorrelations.com/about/philanthropy/) - [Contact](http://www.investorrelations.com/contact/) [![Sharon Merrill](https://blog.investorrelations.com/hs-fs/hubfs/sharonmerrill_imager/Sharon-Merrill-Header-Logo.png?width=639&height=109&name=Sharon-Merrill-Header-Logo.png)](http://www.investorrelations.com/) - [Practice Areas](http://www.investorrelations.com/practice-areas/) - [Investor Relations](http://www.investorrelations.com/practice-areas/investor-relations/) - [ESG Engagement](https://www.investorrelations.com/practice-areas/esg-engagement/) - [Corporate Communications](http://www.investorrelations.com/practice-areas/corporate-communications/) - [Crisis Communications](http://www.investorrelations.com/practice-areas/crisis-communication/) - [Transaction Communications](http://www.investorrelations.com/practice-areas/transaction-communications/) - [Reputation Management](http://www.investorrelations.com/practice-areas/reputation-management/) - [Presentation and Media Training](http://www.investorrelations.com/practice-areas/presentation-and-media-training/) - [Private Company IR](https://www.investorrelations.com/practice-areas/private-company-ir/) - [Case Studies](http://www.investorrelations.com/case-studies/) - [IPO Program](http://www.investorrelations.com/case-studies/ipo-program/) - [Investor Outreach](http://www.investorrelations.com/case-studies/investor-outreach/) - [Crisis Communications](http://www.investorrelations.com/case-studies/crisis-communications/) - [Meetings and Introductions](http://www.investorrelations.com/case-studies/meetings-and-introductions/) - [Communicating Shortfalls](http://www.investorrelations.com/case-studies/communicating-shortfalls/) - [Corporate Visibility](http://www.investorrelations.com/case-studies/corporate-visibility/) - [Perception Audit](http://www.investorrelations.com/case-studies/perception-audit/) - [Presentation Training](http://www.investorrelations.com/case-studies/presentation-training/) - [Investor Day](http://www.investorrelations.com/case-studies/investor-day/) - [CEO Transition Communications](http://www.investorrelations.com/case-studies/ceo-transition-communications/) - [Rebuilding Credibility](http://www.investorrelations.com/case-studies/rebuilding-credibility/) - [Mergers & Acquisitions](http://www.investorrelations.com/case-studies/mergers-acquisitions/) - [Shareholder Activism](http://www.investorrelations.com/case-studies/shareholder-activism/) - [Proxy Fights](http://www.investorrelations.com/case-studies/proxy-fights/) - [Acquisition Support](http://www.investorrelations.com/case-studies/acquisition-support/) - [Management Credibility](http://www.investorrelations.com/case-studies/management-credibility/) - [Media Relations](http://www.investorrelations.com/case-studies/media-relations/) - [Surviving Bankruptcy](http://www.investorrelations.com/case-studies/surviving-bankruptcy/) - [Asbestos Liability](http://www.investorrelations.com/case-studies/asbestos-liability/) - [Private Company IR](https://www.investorrelations.com/case-studies/private-company-ir/) - [Industry Expertise](http://www.investorrelations.com/industry-expertise/) - [Life Sciences](http://www.investorrelations.com/industry-expertise/life-sciences/) - [Technology](http://www.investorrelations.com/industry-expertise/technology/) - [Industrial](http://www.investorrelations.com/industry-expertise/industrial/) - [Consumer/Retail](http://www.investorrelations.com/industry-expertise/consumer-retail/) - [Additional Experience](http://www.investorrelations.com/industry-expertise/additional-experience/) - [About](http://www.investorrelations.com/about/) - [Meet Our Team](http://www.investorrelations.com/about/meet-our-team/) - [Awards and Accolades](http://www.investorrelations.com/about/awards-and-accolades/) - [Press Releases](http://www.investorrelations.com/about/press-releases/) - [In the News](http://www.investorrelations.com/about/in-the-news/) - [Philanthropy](http://www.investorrelations.com/about/philanthropy/) - [Contact](http://www.investorrelations.com/contact/) ![homepage-rotator-1.jpg](https://blog.investorrelations.com/hs-fs/hubfs/blog_image_for_hubspot.jpg?width=1189&name=blog_image_for_hubspot.jpg "homepage-rotator-1.jpg") # Our Blog: The Podium ## The Guidance Effect, Re-visited [August 02, 2012](https://blog.investorrelations.com/blog/the-guidance-effect-re-visited/) [Maureen Wolff](https://blog.investorrelations.com/blog/author/maureen-wolff) [Comment](https://blog.investorrelations.com/blog/the-guidance-effect-re-visited/#comments-listing) *By* [*Maureen Wolff*](http://www.investorrelations.com/about/meet-our-team/maureen-t-wolff/)*, President and Partner* Three years ago, on the heels of the greatest collapse U.S. financial markets have experienced in decades, in conjunction with [IntelliBusiness/eventVestor](http://www.eventvestor.com/), we published a study, “[*The Guidance Effect: Improving Valuation*](https://blog.investorrelations.com/hubfs/2011_Guidance_Study_FINAL.pdf)” (PDF 875 KB), that evaluated the impact of increased transparency on equity valuation during the turbulent first quarter of 2009. The findings supported the thesis that issuing quantitative financial guidance contributes to improved stock performance. Given the climate of fear and uncertainty that permeated Wall Street during the study period, we hypothesized that providing guidance – and thereby increasing transparency for investors – likely had an unusually pronounced affect on stock price behavior at the time. Given the changes in the macro-environment since then, we decided to re-visit the subject and potentially uncover new insights by examining 2011 data. Although market volatility remained high in 2011, investors were generally less fearful and uncertain than they were in early 2009. As we suspected, in 2011 greater transparency once again was associated with abnormal market returns, but the effects were more subdued than in the prior study. The White Paper containing a full report on our recent study results is available for download [here](https://blog.investorrelations.com/hubfs/2011_Guidance_Study_FINAL.pdf). The study found that: - Companies that provided quantitative financial guidance with earnings announcements, whether beating or missing EPS consensus estimates, realized superior stock returns compared with companies that did not offer such forward-looking insight. - The market placed a greater emphasis on performance above or below analyst consensus estimates than on performance versus company guidance. This is a new trend observed in 2011 that stands in contrast to our previous finding that guidance beats enjoy greater upside. This finding may underscore an important transition of investor psyche since 2009. - Smaller-cap companies experienced greater volatility than larger-cap names. In both cases, however, providing updates to guidance within the context of reporting quarterly results helped lock in price appreciation or mitigate downside depending on whether news was good or bad. For investor relations professionals who are tasked with developing and implementing disclosure strategy, including guidance practices, as well as analyzing stock price performance and trading trends, our research suggests that: - Corporate financial performance compared with analyst expectations is of critical importance in driving subsequent stock movements, but providing earnings guidance is likely to enhance stock returns regardless of positive or negative earnings announcements. - Corporate guidance may have a more meaningful impact for investors in a particular company when market sentiment is unusually fearful and uncertain as it was in 2009. Regardless of market environment, companies that provide guidance are more likely to preserve valuation in the face of downside news and enhance valuation as a result of upside news, compared with companies that do not. Although there are no silver bullets for solving dilemmas related to communications strategy, the results of this study should serve as a useful guide for investor relations practitioners as they prepare their financial disclosures. [*Maureen Wolff*](http://www.investorrelations.com/about/meet-our-team/maureen-t-wolff/) *is president and partner at* [*Sharon Merrill*](http://www.investorrelations.com/). *Maureen leads the implementation of the firm’s strategic vision and provides high-level strategic counsel to clients. She is a past chairman and board member of the* [*National Investor Relations Institute*](http://www.niri.org/) *(NIRI) and a current member of NIRI’s Senior IR Roundtable. She also is a past president and honorary director of* [*NIRI’s Boston Chapter*](http://niriboston.org/)*.* Subscribe to our weekly email: [Investor Relations Around the Web](http://investorrelations.us2.list-manage2.com/subscribe?u=8e761227a805ef469d749a34f&id=17a7c41001) [Disclosure](https://blog.investorrelations.com/blog/topic/disclosure), [Reg FD](https://blog.investorrelations.com/blog/topic/reg-fd), [Sharon Merrill Associates](https://blog.investorrelations.com/blog/topic/sharon-merrill-associates), [Guidance](https://blog.investorrelations.com/blog/topic/guidance), [Earnings Guidance](https://blog.investorrelations.com/blog/topic/earnings-guidance), [Earnings Call](https://blog.investorrelations.com/blog/topic/earnings-call), [Investor Relations](https://blog.investorrelations.com/blog/topic/investor-relations), [Earnings](https://blog.investorrelations.com/blog/topic/earnings), [Investor Relations Firm](https://blog.investorrelations.com/blog/topic/investor-relations-firm) ### Subscribe to The Podium! ### Connect with your Investors Establish a sincere connection with investors to communicate key messages during your Investor Day. Download our free e-book on effective presentation habits, and learn to deliver ideas with confidence and clarity. ### [![Delivering Effective Presentations](https://no-cache.hubspot.com/cta/default/560825/ae1780f1-d59a-47b7-a91a-0473d76c0ac5.png)](https://cta-redirect.hubspot.com/cta/redirect/560825/ae1780f1-d59a-47b7-a91a-0473d76c0ac5) ### When it's time for a change Whether planned or sudden, it is crucial to communicate the succession of high-profile positions effectively. Download our three-part e-book and learn the best way to craft a plan for CEO, CFO and Board of Directors transitions. [![Download Your Free eBook: Communicating Management Transitions](https://no-cache.hubspot.com/cta/default/560825/be616455-5c8f-4a04-bd88-5e8656fd2862.png)](https://cta-redirect.hubspot.com/cta/redirect/560825/be616455-5c8f-4a04-bd88-5e8656fd2862)  ### Be Proactive, Not Reactive With our new Proxy GamePlan, we create a year-round, data-driven strategic roadmap for effective shareholder engagement. Implement a best-in-class program rooted in a deep understanding of your company’s proxy practices, shareholder voting trends and peer landscape. ### [![Learn More About Proxy GamePlan](https://no-cache.hubspot.com/cta/default/560825/3e30a182-fc77-497a-97b3-72aede21e334.png)](https://cta-redirect.hubspot.com/cta/redirect/560825/3e30a182-fc77-497a-97b3-72aede21e334) ### Find Effective IR Counsel Whether you’re seeking external IR counsel for the first time or evaluating your current provider, you need a firm that understands your strategy, adapts to your culture and tells your story. Download our free guide on how to assess the effectiveness of an investor relations firm. [![How to Assess an IR Firm](https://no-cache.hubspot.com/cta/default/560825/9f973acb-6c16-469a-86fb-1186a197c587.png)](https://cta-redirect.hubspot.com/cta/redirect/560825/9f973acb-6c16-469a-86fb-1186a197c587) ### Activism Defense No company is immune to shareholder activism. Sharon Merrill helps boards of directors and executive management teams identify the activist red flags lurking in your shareholder base, assess your governance risks and develop an action plan to prevent, detect and neutralize any threats. Download our free white paper, *“Leveraging Institutional Shareholder Relationships to Reduce Activism Risk,”* and learn how the best defense against activism is a strong offense. [![Download Activist Defense White Paper](https://no-cache.hubspot.com/cta/default/560825/e9ccfdbe-ec4e-494a-9db4-8864757c73f8.png)](https://cta-redirect.hubspot.com/cta/redirect/560825/e9ccfdbe-ec4e-494a-9db4-8864757c73f8) ### Captivate your Audience Speaking persuasively is critical in today’s competitive business environment. Effective speakers use voice techniques and body language that project authority and credibility. Download our free e-book, “A Guide to Delivering Captivating Presentations,” for insight into good -and bad- presentation habits, and learn how to improve your skills. [![Become a Persuasive Speaker](https://no-cache.hubspot.com/cta/default/560825/650f7f0e-81ea-4c33-8bcf-8371568b99c0.png)](https://cta-redirect.hubspot.com/cta/redirect/560825/650f7f0e-81ea-4c33-8bcf-8371568b99c0)  ### Perceptions Matter How do you ensure that investors clearly understand your strategy, growth drivers and market position? The most effective way is through a perception study. By periodically taking the investment community’s pulse you can avoid the knowledge gaps and misperceptions that hurt valuation. Download our free whitepaper, *Why Perceptions Matter*, to learn more. [![Download your free copy of 'Why Perceptions Matter'](https://no-cache.hubspot.com/cta/default/560825/e9c1adbc-f826-4c1b-92f5-1f896547e748.png)](https://cta-redirect.hubspot.com/cta/redirect/560825/e9c1adbc-f826-4c1b-92f5-1f896547e748)  ### Common Topics: - [Investor Relations (148)](https://blog.investorrelations.com/blog/topic/investor-relations) - [Shareholder Communications (44)](https://blog.investorrelations.com/blog/topic/shareholder-communications) - [Crisis Communications (42)](https://blog.investorrelations.com/blog/topic/crisis-communications) - [Sharon Merrill Associates (42)](https://blog.investorrelations.com/blog/topic/sharon-merrill-associates) - [Strategic Messaging (36)](https://blog.investorrelations.com/blog/topic/strategic-messaging) - [Investor Relations Agency (34)](https://blog.investorrelations.com/blog/topic/investor-relations-agency) - [Investor Relations Firm (32)](https://blog.investorrelations.com/blog/topic/investor-relations-firm) - [IR Trends (31)](https://blog.investorrelations.com/blog/topic/ir-trends) - [IR Program Planning (30)](https://blog.investorrelations.com/blog/topic/ir-program-planning) - [Presentation Training (29)](https://blog.investorrelations.com/blog/topic/presentation-training) - [Investor Presentation (25)](https://blog.investorrelations.com/blog/topic/investor-presentation) - [Investor Meetings (24)](https://blog.investorrelations.com/blog/topic/investor-meetings) - [IRO (22)](https://blog.investorrelations.com/blog/topic/iro) - [Social Media (22)](https://blog.investorrelations.com/blog/topic/social-media) - [NIRI (21)](https://blog.investorrelations.com/blog/topic/niri) - [Board Communications (18)](https://blog.investorrelations.com/blog/topic/board-communications) - [Earnings (18)](https://blog.investorrelations.com/blog/topic/earnings) - [IR Recommendations (18)](https://blog.investorrelations.com/blog/topic/ir-recommendations) - [Corporate Communications (17)](https://blog.investorrelations.com/blog/topic/corporate-communications) - [Disclosure Policy (17)](https://blog.investorrelations.com/blog/topic/disclosure-policy) - [Activist Investors (16)](https://blog.investorrelations.com/blog/topic/activist-investors) - [Disclosure (16)](https://blog.investorrelations.com/blog/topic/disclosure) - [Reg FD (15)](https://blog.investorrelations.com/blog/topic/reg-fd) - [ESG (14)](https://blog.investorrelations.com/blog/topic/esg) - [IR Website (13)](https://blog.investorrelations.com/blog/topic/ir-website) - [SEC (13)](https://blog.investorrelations.com/blog/topic/sec) - [Earnings Call (12)](https://blog.investorrelations.com/blog/topic/earnings-call) - [IPO (12)](https://blog.investorrelations.com/blog/topic/ipo) - [Investor Day (11)](https://blog.investorrelations.com/blog/topic/investor-day) - [Shareholder Activism (11)](https://blog.investorrelations.com/blog/topic/shareholder-activism) - [Guidance (10)](https://blog.investorrelations.com/blog/topic/guidance) - [Reputation Management (10)](https://blog.investorrelations.com/blog/topic/reputation-management) - [Targeting (10)](https://blog.investorrelations.com/blog/topic/targeting) - [Analyst Day (9)](https://blog.investorrelations.com/blog/topic/analyst-day) - [CFO (9)](https://blog.investorrelations.com/blog/topic/cfo) - [Corporate Governance (9)](https://blog.investorrelations.com/blog/topic/corporate-governance) - [Holiday (9)](https://blog.investorrelations.com/blog/topic/holiday) - [Media Relations (9)](https://blog.investorrelations.com/blog/topic/media-relations) - [Proxy Season (9)](https://blog.investorrelations.com/blog/topic/proxy-season) - [Investor Relations Blog (8)](https://blog.investorrelations.com/blog/topic/investor-relations-blog) - [Proxy Access (8)](https://blog.investorrelations.com/blog/topic/proxy-access) - [Public Relations (8)](https://blog.investorrelations.com/blog/topic/public-relations) - [Speaking Engagements (8)](https://blog.investorrelations.com/blog/topic/speaking-engagements) - [Annual Meeting (7)](https://blog.investorrelations.com/blog/topic/annual-meeting) - [Buy-Side (7)](https://blog.investorrelations.com/blog/topic/buy-side) - [Corporate Access (7)](https://blog.investorrelations.com/blog/topic/corporate-access) - [Financial Communication (7)](https://blog.investorrelations.com/blog/topic/financial-communication) - [Investor Relations Trends (7)](https://blog.investorrelations.com/blog/topic/investor-relations-trends) - [Public Speaking (7)](https://blog.investorrelations.com/blog/topic/public-speaking) - [Sell-side Coverage (7)](https://blog.investorrelations.com/blog/topic/sell-side-coverage) - [Shareholder Meeting (7)](https://blog.investorrelations.com/blog/topic/shareholder-meeting) - [Board Packages (6)](https://blog.investorrelations.com/blog/topic/board-packages) - [Board Structure (6)](https://blog.investorrelations.com/blog/topic/board-structure) - [Board of Directors (6)](https://blog.investorrelations.com/blog/topic/board-of-directors) - [Credibility (6)](https://blog.investorrelations.com/blog/topic/credibility) - [Investor Conference (6)](https://blog.investorrelations.com/blog/topic/investor-conference) - [Roadshow Planning (6)](https://blog.investorrelations.com/blog/topic/roadshow-planning) - [Small-cap IR (6)](https://blog.investorrelations.com/blog/topic/small-cap-ir) - [Socialize IR (6)](https://blog.investorrelations.com/blog/topic/socialize-ir) - [Succession Planning (6)](https://blog.investorrelations.com/blog/topic/succession-planning) - [Trends (5)](https://blog.investorrelations.com/blog/topic/trends) - [crisis communication plan (5)](https://blog.investorrelations.com/blog/topic/crisis-communication-plan) - [Conference Calls (4)](https://blog.investorrelations.com/blog/topic/conference-calls) - [Event Planning (4)](https://blog.investorrelations.com/blog/topic/event-planning) - [IR Budgets (4)](https://blog.investorrelations.com/blog/topic/ir-budgets) - [Investment Thesis (4)](https://blog.investorrelations.com/blog/topic/investment-thesis) - [Investor Event Planning (4)](https://blog.investorrelations.com/blog/topic/investor-event-planning) - [Monitoring (4)](https://blog.investorrelations.com/blog/topic/monitoring) - [Sell-side (4)](https://blog.investorrelations.com/blog/topic/sell-side) - [crisis preparation (4)](https://blog.investorrelations.com/blog/topic/crisis-preparation) - [Awards (3)](https://blog.investorrelations.com/blog/topic/awards) - [CEO (3)](https://blog.investorrelations.com/blog/topic/ceo) - [Cybersecurity (3)](https://blog.investorrelations.com/blog/topic/cybersecurity) - [Hedge Fund (3)](https://blog.investorrelations.com/blog/topic/hedge-fund) - [IR Compliance (3)](https://blog.investorrelations.com/blog/topic/ir-compliance) - [Industrial Investor Relations (3)](https://blog.investorrelations.com/blog/topic/industrial-investor-relations) - [Initial Public Offering (3)](https://blog.investorrelations.com/blog/topic/initial-public-offering) - [Perception Audit (3)](https://blog.investorrelations.com/blog/topic/perception-audit) - [Pre-IPO (3)](https://blog.investorrelations.com/blog/topic/pre-ipo) - [Public Accounting (3)](https://blog.investorrelations.com/blog/topic/public-accounting) - [2016 (2)](https://blog.investorrelations.com/blog/topic/2016) - [Annual Report (2)](https://blog.investorrelations.com/blog/topic/annual-report) - [Compliance (2)](https://blog.investorrelations.com/blog/topic/compliance) - [Employee Communications (2)](https://blog.investorrelations.com/blog/topic/employee-communications) - [Executive Transition (2)](https://blog.investorrelations.com/blog/topic/executive-transition) - [GAAP (2)](https://blog.investorrelations.com/blog/topic/gaap) - [IR Vendors (2)](https://blog.investorrelations.com/blog/topic/ir-vendors) - [Interviews (2)](https://blog.investorrelations.com/blog/topic/interviews) - [Investor Relations Websites (2)](https://blog.investorrelations.com/blog/topic/investor-relations-websites) - [Mergers & Acquisitions (2)](https://blog.investorrelations.com/blog/topic/mergers-acquisitions) - [Non-deal Roadshow (2)](https://blog.investorrelations.com/blog/topic/non-deal-roadshow) - [Perception Study (2)](https://blog.investorrelations.com/blog/topic/perception-study) - [Proxy Fight (2)](https://blog.investorrelations.com/blog/topic/proxy-fight) - [Registration Statement (2)](https://blog.investorrelations.com/blog/topic/registration-statement) - [S-1 (2)](https://blog.investorrelations.com/blog/topic/s-1) - [S-11 (2)](https://blog.investorrelations.com/blog/topic/s-11) - [STREETSCOPE (2)](https://blog.investorrelations.com/blog/topic/streetscope) - [Securities Law (2)](https://blog.investorrelations.com/blog/topic/securities-law) - [Sell-side Research (2)](https://blog.investorrelations.com/blog/topic/sell-side-research) - [Shareholder Surveillance (2)](https://blog.investorrelations.com/blog/topic/shareholder-surveillance) - [Succession Communication (2)](https://blog.investorrelations.com/blog/topic/succession-communication) - [Sustainability (2)](https://blog.investorrelations.com/blog/topic/sustainability) - [Transition Communication (2)](https://blog.investorrelations.com/blog/topic/transition-communication) - [Wall Street (2)](https://blog.investorrelations.com/blog/topic/wall-street) - [accounting regulations (2)](https://blog.investorrelations.com/blog/topic/accounting-regulations) - [cybersecurity communication plan (2)](https://blog.investorrelations.com/blog/topic/cybersecurity-communication-plan) - [what's in and what's out (2)](https://blog.investorrelations.com/blog/topic/whats-in-and-whats-out) - [2017 (1)](https://blog.investorrelations.com/blog/topic/2017) - [2017 Trends (1)](https://blog.investorrelations.com/blog/topic/2017-trends) - [Acquisitions (1)](https://blog.investorrelations.com/blog/topic/acquisitions) - [AlphaSense (1)](https://blog.investorrelations.com/blog/topic/alphasense) - [Bell Ringer Awards (1)](https://blog.investorrelations.com/blog/topic/bell-ringer-awards) - [Biotech (1)](https://blog.investorrelations.com/blog/topic/biotech) - [Biotech IR (1)](https://blog.investorrelations.com/blog/topic/biotech-ir) - [Biotechnology (1)](https://blog.investorrelations.com/blog/topic/biotechnology) - [Brand Management (1)](https://blog.investorrelations.com/blog/topic/brand-management) - [CEO pay ratio (1)](https://blog.investorrelations.com/blog/topic/ceo-pay-ratio) - [CFO Transition (1)](https://blog.investorrelations.com/blog/topic/cfo-transition) - [CPA (1)](https://blog.investorrelations.com/blog/topic/cpa) - [Culture risk (1)](https://blog.investorrelations.com/blog/topic/culture-risk) - [Drug Development IR (1)](https://blog.investorrelations.com/blog/topic/drug-development-ir) - [Drug development (1)](https://blog.investorrelations.com/blog/topic/drug-development) - [Earnings Guidance (1)](https://blog.investorrelations.com/blog/topic/earnings-guidance) - [Earnings cycle (1)](https://blog.investorrelations.com/blog/topic/earnings-cycle) - [HFT (1)](https://blog.investorrelations.com/blog/topic/hft) - [IPO Roadshow (1)](https://blog.investorrelations.com/blog/topic/ipo-roadshow) - [IR 2017 (1)](https://blog.investorrelations.com/blog/topic/ir-2017) - [IR Website Design (1)](https://blog.investorrelations.com/blog/topic/ir-website-design) - [IR Websites (1)](https://blog.investorrelations.com/blog/topic/ir-websites) - [IR for Drug Companies (1)](https://blog.investorrelations.com/blog/topic/ir-for-drug-companies) - [In-N-Out IR 2017 (1)](https://blog.investorrelations.com/blog/topic/in-n-out-ir-2017) - [Investor Relations 2017 (1)](https://blog.investorrelations.com/blog/topic/investor-relations-2017) - [Life Sciences (1)](https://blog.investorrelations.com/blog/topic/life-sciences) - [Life Sciences IR (1)](https://blog.investorrelations.com/blog/topic/life-sciences-ir) - [Media Training (1)](https://blog.investorrelations.com/blog/topic/media-training) - [NDR (1)](https://blog.investorrelations.com/blog/topic/ndr) - [Needham (1)](https://blog.investorrelations.com/blog/topic/needham) - [Non-GAAP (1)](https://blog.investorrelations.com/blog/topic/non-gaap) - [Paraguay (1)](https://blog.investorrelations.com/blog/topic/paraguay) - [Perception (1)](https://blog.investorrelations.com/blog/topic/perception) - [Preannouncement (1)](https://blog.investorrelations.com/blog/topic/preannouncement) - [Preliminary Results (1)](https://blog.investorrelations.com/blog/topic/preliminary-results) - [REIT (1)](https://blog.investorrelations.com/blog/topic/reit) - [Reg G (1)](https://blog.investorrelations.com/blog/topic/reg-g) - [Retail (1)](https://blog.investorrelations.com/blog/topic/retail) - [Retail Investor Relations (1)](https://blog.investorrelations.com/blog/topic/retail-investor-relations) - [Short Sales (1)](https://blog.investorrelations.com/blog/topic/short-sales) - [Sochi (1)](https://blog.investorrelations.com/blog/topic/sochi) - [Social Media Policy (1)](https://blog.investorrelations.com/blog/topic/social-media-policy) - [Stakeholder Capitalism (1)](https://blog.investorrelations.com/blog/topic/stakeholder-capitalism) - [Technology (1)](https://blog.investorrelations.com/blog/topic/technology) - [Twitter (1)](https://blog.investorrelations.com/blog/topic/twitter) - [Website Design (1)](https://blog.investorrelations.com/blog/topic/website-design) - [Winter Olympics (1)](https://blog.investorrelations.com/blog/topic/winter-olympics) - [analyst coverage (1)](https://blog.investorrelations.com/blog/topic/analyst-coverage) - [compensation (1)](https://blog.investorrelations.com/blog/topic/compensation) - [crisis (1)](https://blog.investorrelations.com/blog/topic/crisis) - [equity markets (1)](https://blog.investorrelations.com/blog/topic/equity-markets) - [equity trading (1)](https://blog.investorrelations.com/blog/topic/equity-trading) - [executive comp (1)](https://blog.investorrelations.com/blog/topic/executive-comp) - [executive compensation (1)](https://blog.investorrelations.com/blog/topic/executive-compensation) - [fraud (1)](https://blog.investorrelations.com/blog/topic/fraud) - [fraud inquiries (1)](https://blog.investorrelations.com/blog/topic/fraud-inquiries) - [high-frequency trading (1)](https://blog.investorrelations.com/blog/topic/high-frequency-trading) - [internal communications (1)](https://blog.investorrelations.com/blog/topic/internal-communications) - [lease standards (1)](https://blog.investorrelations.com/blog/topic/lease-standards) - [negative news (1)](https://blog.investorrelations.com/blog/topic/negative-news) - [news releases (1)](https://blog.investorrelations.com/blog/topic/news-releases) - [private company IR (1)](https://blog.investorrelations.com/blog/topic/private-company-ir) - [proxy (1)](https://blog.investorrelations.com/blog/topic/proxy) - [proxy design (1)](https://blog.investorrelations.com/blog/topic/proxy-design) - [regulation (1)](https://blog.investorrelations.com/blog/topic/regulation) - [reporting (1)](https://blog.investorrelations.com/blog/topic/reporting) - [revenue recognition (1)](https://blog.investorrelations.com/blog/topic/revenue-recognition) - [sale-leaseback (1)](https://blog.investorrelations.com/blog/topic/sale-leaseback) - [start-up IR (1)](https://blog.investorrelations.com/blog/topic/start-up-ir) - [trading (1)](https://blog.investorrelations.com/blog/topic/trading) - [what's in and what's out 2017 (1)](https://blog.investorrelations.com/blog/topic/whats-in-and-whats-out-2017) More topics ### Authors: - [![](https://blog.investorrelations.com/hubfs/David_Calusdian.htm)](https://blog.investorrelations.com/blog/author/david-calusdian)[David Calusdian](https://blog.investorrelations.com/blog/author/david-calusdian) - [![](https://blog.investorrelations.com/hubfs/Maureen_Wolff.htm)](https://blog.investorrelations.com/blog/author/maureen-wolff)[Maureen Wolff](https://blog.investorrelations.com/blog/author/maureen-wolff) - [![](https://blog.investorrelations.com/hubfs/Sharon_Merrill.htm)](https://blog.investorrelations.com/blog/author/sharon-merrill)[Sharon Merrill](https://blog.investorrelations.com/blog/author/sharon-merrill) - [![](https://blog.investorrelations.com/hs-fs/hubfs/Jamie_SMA_Photo-389094-edited.jpg?width=96&height=96&name=Jamie_SMA_Photo-389094-edited.jpg)](https://blog.investorrelations.com/blog/author/jamie-bernard)[Jamie Bernard](https://blog.investorrelations.com/blog/author/jamie-bernard) - [![](https://blog.investorrelations.com/hs-fs/hubfs/Ryan.jpg?width=96&height=96&name=Ryan.jpg)](https://blog.investorrelations.com/blog/author/ryan-flaim)[Ryan Flaim](https://blog.investorrelations.com/blog/author/ryan-flaim) ![Sharon-Merrill-Footer-Logo](https://blog.investorrelations.com/hs-fs/hubfs/sharonmerrill_imager/Sharon-Merrill-Footer-Logo.png?width=440&height=75&name=Sharon-Merrill-Footer-Logo.png) - [Sitemap](http://www.investorrelations.com/sitemap/) - [Privacy Policy](http://www.investorrelations.com/privacy-policy/) - © 2020 Sharon Merrill - 33 Arch Street, 15th Floor, Boston, MA 02110 - Phone: 617 542 5300 - Fax: 617 423 7272 - Email: [info@InvestorRelations.com](mailto:info@InvestorRelations.com)