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2020/2021  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 90
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
  • Management
Teaching methods
  • Online teaching
Last updated on 27/04/2021

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. disclosures, financial numbers) and relevant activities (roadshows, annual general meetings) of financial and investor relations.
  • Evaluate the crucial 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: 22 June-30 July 2021. Please note that exam will start on the first teaching day and will run in parallel with the course.
Retake exam: 72-hour home assignment: 27 – 30 September 2021 – for all ISUP courses simultaneously
3rd attempt (2nd retake) exam: 72-hour home assignment: 22 – 25 November 2021 – 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. via press releases, fact sheets, annual reports, 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: Short video case analysis


Class 1: Evolution of financial communication and related theories.


Class 2: Financial communication, CSR & storytelling.


Class 3: Linking strategy, story and stock price.


Class 4: Some financial numbers and the corporate story.


Class 5: Company disclosure within the dynamics of financial communication.


Class 6: Financial communication tools and importance of press release.


Feedback activity: Review of take-home assignment.


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 and strategic communications.

Description of the teaching methods
This year all courses are taught digitally over the Internet. Instructors will apply direct/live teaching through a link (like Skype, Team, Zoom). In some courses, pre-recorded material will also be used.
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 in March 2021.


Expected literature

Mandatory readings:


Westbrook, I (2014). Strategic financial and investor communication: The stock price story. London, United Kingdom: Routledge.
E-book: ISBN 9780203069516.
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.
Chang, M., D’Anna, G., Watson, I., & Wee, M. (2008). Does Disclosure Quality via Investor Relations Affect Information Asymmetry? Australian Journal of Management, 33(2), 375–390.


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 27/04/2021