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2019/2020  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 80
Study board
Study Board for MSc in Economics and Business Administration
Course coordinator
  • Thanaseelen Rajasakran - Department of Management, Society and Communication (MSC)
For academic questions related to the course, please contact instructor Thanaseelen Rajasakran at tra.msc@cbs.dk
Main academic disciplines
  • Finance
  • Communication
Teaching methods
  • Online teaching
Last updated on 16/04/2020

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, annual general meetings) of financial and investor relations.
  • Evaluate the role of financial communication tools 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-point grading scale
Examiner(s) One internal examiner
Exam period Summer, Ordinary exam: Home Assignment: 23/24 June-24 July 2020. Please note that exam will start on the first teaching day and will run in parallel with the course.
Retake exam: Home Assignment: 72-hour home assignment: 5–8 October 2020 – for all ISUP courses simultaneously
3rd attempt (2nd retake) exam: 72-hour home assignment: 23–26 November 2020 – for all ISUP courses simultaneously

Exam schedules 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
Retake exam: 72-hour home project assignment, max. 10 pages, new exam question
Exam form for 3rd attempt (2nd retake): 72-hour home project assignment, max. 10 pages, new exam question
Course content, structure and pedagogical approach

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 financial communication tools (e.g. company earnings, company growth, innovation, CSR, 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 roles and responsibilities of the chief communications and investor relations officer.

Preliminary assignment:
Class 1: Evolution of financial communication.
Class 2: Financial communication and CSR.
Class 3: Linking strategy, narrative and stock price.
Class 4: Some financial numbers and the corporate story.
Class 5: Company disclosure within the dynamics of communication.
Class 6: Selecting financial communication tools.
Feedback activity:
Class 7: The financial bazaar: The stock market.
Class 8: Stakeholder relations: The investment community.
Class 9: Stakeholder relations: The business media.
Class 10: Stakeholder relations: The shareholder.
Class 11: The future of financial communications.
Description of the teaching methods
This year all courses are taught digitally over the Internet. Instructors will apply a mixture of direct teaching through a live link (like Skype, Team, Zoom…) and indirect, where visual pre-recorded material is uploaded on Canvas. The instructor will inform participants about the precise format on Canvas.
Feedback during the teaching period
Case study or quiz.

Home Project Assignments/mini projects are based on a research question (problem formulation) formulated by the students individually. Approval deadline will be defined by the instructor. Hand-in of the problem formulation directly to the instructor by the 3rd teaching week.
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 March 2020.


Expected literature

Mandatory readings:


Westbrook, I (2014). Strategic financial and investor communication: The stock price story. London, United Kingdom: Routledge.
Tomasz, G. (2017). The idea of investor relations in the modern economy: A communication approach, Economic Research-Ekonomska Istraživanja, 30:1, 1-13.
Kim, M., & Kim, Y. (2018). CSR and Shareholder Value in the Restaurant Industry: The Roles of CSR Communication Through Annual Reports. Cornell Hospitality Quarterly.
Bozanic, Z., Roulstone, D. T. & van Buskirk, A. (2018). Management Earnings Forecasts and Other Forward-Looking Statements. Journal of Accounting and Economics, 65(1), 1-20.
Roxana-Ioana, B. & Petru, S. (2017). "The Non-Financial Reporting-The Story Behind The Numbers," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, 3,  94-100.
Antonelli, V., D'Alessio, R. & Cuomo, F. (2016). Beyond Stakeholders Theory: Financial reporting and voluntary disclosure in Italian SME according to a unitary perspective. Economia Aziendale Online, 7(4), 285-304.


Additional relevant readings:


Laskin A. V. (2017). The handbook of financial communication and investor relations. New Jersey, USA: John Wiley & Sons.
Theaker, A. (2012). The public relations handbook (4th ed.). London: Routledge.
Belasen, A. T. (2008). The theory and practice of corporate communication. Thousand Oaks, California: Sage Publications, Inc.


Last updated on 16/04/2020