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2017/2018  KAN-CCMVI2061U  Financial Communication

English Title
Financial Communication

Course information

Language English
Course ECTS 7.5 ECTS
Type Elective
Level Full Degree Master
Duration Summer
Start time of the course Summer
Timetable Course schedule will be posted at calendar.cbs.dk
Max. participants 60
Study board
Study Board for MSc in Economics and Business Administration
Course coordinator
  • Course instructor - Dr Rajasakran, Thanaseelen, Assistant Professor, Universiti Tunku Abdul Rahman, tra.msc@cbs.dk
    Sven Bislev - Department of Management, Society and Communication (MSC)
In case of any academic questions related to the course, please contact the course instructor or the academic director, Sven Bislev at sb.msc@cbs.dk
Main academic disciplines
  • Communication
Last updated on 23/07/2018

Relevant links

Learning objectives
To achieve the grade 12, students should meet the following learning objectives with no or only minor mistakes or errors:
  • Assess the theories and practice of strategic financial and investor relations
  • Analyze effective communication techniques in building and maintaining relationships with key stakeholders
  • Discuss the concepts (e.g. disclosure, financial numbers) and relevant activities (roadshows, press releases) of financial and investor relations
  • Evaluate the role and function of regulatory bodies and personnel within the framework of financial and investor relations
Course prerequisites
Completed Bachelor degree
Financial Communication:
Exam ECTS 7.5
Examination form Home assignment - written product
Individual or group exam Individual exam
Size of written product Max. 15 pages
Assignment type Project
Duration Written product to be submitted on specified date and time.
Grading scale 7-step scale
Examiner(s) One internal examiner
Exam period Summer, Ordinary exam: 26/27 June - 30 July 2018. Please note that exam will start on the first teaching day and will run in parallel with the course.

Retake exam: September - October 2018

3rd attempt (2nd retake) exam: November - December 2018

Exam schedule is available on https:/​/​www.cbs.dk/​uddannelse/​international-summer-university-programme-isup/​courses-and-exams.
Make-up exam/re-exam
Same examination form as the ordinary exam
Home project assignment, new exam question (72-hour home assignment)
Course content and structure

This interdisciplinary course provides an opportunity for students to understand the role and implications of financial and investor communication from a theoretical, management and market perspective. The course also aims to provide the knowledge, understanding and skills required to effectively communicate a story through crucial numbers (i.e. stock price, earnings per share, etc.) to key stakeholders, including the investment community, business media and shareholders. Other related topics include the importance of public disclosure, managing issues (e.g. mergers and acquisitions, and crisis situations), and the role and responsibilities of the chief communications officer and investor relations officer.


Preliminary assignment: Video case analysis.

Class 1: Introducing perspectives from communication, management and market theories.
Class 2: Connecting the art of communication with storytelling, strategy, investment and stock price.
Class 3: Linking communication, numbers and the corporate story.
Class 4: Company disclosure within the dynamics of communication.
Class 5: The financial bazaar: The stock market.
Class 6: Stakeholder relations: The investment community.

Feedback activity: Following session 5 there will be an individual case study assignment which forms the basis of the feedback activity in session 6.

Class 7: Stakeholder relations: The business media.
Class 8: Stakeholder relations: The shareholder. 
Class 9: Issues management:  Merger and acquisition, initial public offer and crisis engagement.
Class 10: Job specification: Roles of the Chief Communications Officer or Investor Relations Officer.
Class 11: Applying theory, narratives and practice to the corporate   


Teaching methods
This course is taught using a combination of lectures, cases discussions, and if opportunity and time permits a guest speaker/field trip. Students are also expected to participate in group discussions involving written/video case study analysis, or business news articles Students may share cases insights from their own countries. It is also students’ responsibility in managing their own time in completing a mini-individual project.
Feedback during the teaching period
Case study or Quiz.
Moreover, all Home Project Assignments/mini projects are based upon a research question (problem formulation) formulated by the students individually, and must be handed in to the course instructor for his/her approval no later than 12 July 2018. The instructor must approve the research question (problem formulation) no later than 17 July 2018. The approval is a feedback to the student about the instructor's assessment of the problem's relevance and the possibilities of producing a good report.
Student workload
Preliminary assignment 20 hours
Classroom attendance 33 hours
Preparation 126 hours
Feedback activity 7 hours
Examination 20 hours
Further Information

Preliminary Assignment: To help students get maximum value from ISUP courses, instructors provide a reading or a small number of readings or video clips to be read or viewed before the start of classes with a related task scheduled for class 1 in order to 'jump-start' the learning process.


Course timetable is available on https://www.cbs.dk/uddannelse/international-summer-university-programme-isup/courses-and-exams.


We reserve the right to cancel the course if we do not get enough applications. This will be communicated on https://www.cbs.dk/uddannelse/international-summer-university-programme-isup/courses-and-exams end February 2018 at the latest.


Expected literature

Mandatory readings:


(Discussion on some of the articles below will purely be based on the concepts, key findings, lessons learned and future trends)

1. Gackowski, T. (2017) The idea of investor relations in the modern economy: a communication approach, Economic Research-Ekonomska Istraživanja, 30:1, 1-13.

2. Jameson, D. (2000). Telling the investment story: A narrative analysis of shareholder reports. The Journal of Business Communication 37 (1): 7-38.

3. Heldenbergh, A. & Scoubeau, C. (2005). The role of financial communication in public share issues: An analysis of the Belgian experience, Corporate Communications: An International Journal, Vol. 10 Issue: 3, pp.189-200.

4. Sabelfeld, S. 2011. Disclosure on investor relations websites. Unpublished thesis in Business Administration. Gothenburg: Göteborgs Universitet.

5. Hoffmann, C & Fieseler, C. (2012). Investor relations beyond financials: Non‐financial factors and capital market image building, Corporate Communications: An International Journal, Vol. 17 Issue: 2, pp.138-155.

6. Uysal, N. (2014). The expanded role of investor relations: socially responsible investing, shareholder activism, and organizational legitimacy. International Journal of Strategic Communication, 8, 215–30. 

7. Rosenkranz, J. & Pollach, I. (2016). The framing and reframing of corporate financial results: How corporate earnings releases become news, Corporate Communications: An International Journal, Vol. 21 Issue: 1, pp.103-119.

8. Davis, S. & Lukomnik, J. (2015, August). Strategies for director-investor communication. Complianceweek, 50-51.

9. Thompson, L. (2009, November). Digital media versus shareholder communication. Complianceweek, 60-61, 74.

10. Heldenbergh, A., Scoubeau, C., Arnone, L., & Croquet, M. (2006). The financial communication during a period of transition: The case of banks and insurance companies in Belgium, Corporate Communications: An International Journal, Vol. 11 Issue: 2, pp.174-188

11. Hoffmann, A., Tutic, A., & Wies, S. (2011). The role of educational diversity in investor relations", Corporate Communications: An International Journal, Vol. 16 Issue: 4, pp.311-327.

12. Ramassa, P., & Di Fabio, C. (2016). Social media for investor relations: a literature review and future directions. The International Journal of Digital Accounting Research, 16.


Additional relevant readings:


Laskin A. V. (2017). The handbook of financial communication and investor relations. New Jersey, USA: John Wiley & Sons.

Westbrook, I (2014). Strategic financial and investor communication: The stock price story. London, United Kingdom: Routledge.

Last updated on 23/07/2018