研究過程中，我首先仔細研究信用評等機構，了解它們在全球金融危機中引來極大的爭議與批評
接著關注投資者關係部門與其對象和目標。
本研究希望調和以上兩者的關係，並觀察信用評等機制如何影響公司的經營溝通策略。
因此，本研究進行一項質性調查，以分析在2008年金融危機風暴後，企業的金融溝通部門的轉變。
我期望能看到改變和信評過程的透明化。
為達研究目的，我將問卷寄予歐洲斯托克50的公司，回收14份問卷。
此外，我還進行一對一的訪問以蒐集更有價值的資訊。
基於研究結果，我發現2008金融風暴對於非金融業的公司衝擊不若銀行業大。

Currently working in Investor Relations after a year working in this field for my master thesis I can finally face and discover new dilemmas I had been studying working on my master thesis. For my thesis I looked more deeply at the credit rating agencies and how they failed in the global crisis. Afterward I focused on the Investor Relations department, their targets and their objectives.
I wanted to conciliate both and see how rating services would impact the financial communication strategy of one’s company.
I conducted a qualitative survey to analyze the changes of organization for financial communication departments after the 2008 crisis.
I wanted to see the changes in process and check how more transparency had been promoted.
To so do, I sent an online questionnaire to the Eurostoxx 50 companies.
I got 14 answers after having sent a follow up reminder to all the non respondents.
In addition to that I conducted one to one interviews to extract some value added tips and information about the IR function.
As a result of this study I realized that 2008 financial crisis largely impacted banks but not so much nonfinancial companies.

Table of Contents

Table of figures: ........................................................................................................................ vi
Table of Tables ......................................................................................................................... vii
Introduction ................................................................................................................................ 1
Rating agencies: ......................................................................................................................... 3
The role played by Credit rating agencies in the global crisis ............................................... 5
Lack of historical data and methodology ........................................................................... 5
A conflict of interests ......................................................................................................... 6
A lack of transparency ........................................................................................................ 8
The regulation of CRA’s before 2007 .................................................................................... 9
The EU regulation of CRA’s ................................................................................................ 11
CRA’s build trust and are part of corporate governance ...................................................... 14
Definition of Investor Relations ............................................................................................... 16
Target groups ........................................................................................................................ 18
Institutional Investors ....................................................................................................... 18
Private investors ............................................................................................................... 20
Financial analysts ............................................................................................................. 23
Media ................................................................................................................................ 25
Objectives of IR: .................................................................................................................. 26
Clearly defined goals of the financial communication department .................................. 26
Secure commitment from the Senior Management team ................................................. 26
Efficiency of the Investor Relations organization ............................................................ 27
Quality information disclosure ......................................................................................... 28
Understanding of and compliance with legal obligations ................................................ 28
Development of IR in period of crisis .................................................................................. 29
Exploratory surveys .................................................................................................................. 32
Questions sent to the IR firms: ........................................................................................ 32
Email sent to ESMA respondents: ....................................................................................... 32
Field survey .............................................................................................................................. 35
Questionnaire for the Eurostoxx 50 (first draft): .................................................................. 36
Results of the field survey ........................................................................................................ 40
Goals of Investors’ Relations ............................................................................................... 40
2010 - 2015 Master Thesis
v
Providing an accurate valuation of the company ............................................................. 41
Increasing the share price ................................................................................................. 41
Using a clear and two-way communication ..................................................................... 41
Who is the target audience for IR? ....................................................................................... 43
What is the impact of the financial crisis on IRs? ................................................................ 43
How do IRs feel towards CRAs rating ................................................................................. 45
What are the future trends for IRs? ...................................................................................... 46
Conclusion ................................................................................................................................ 47
Bibliography ............................................................................................................................. 48
Appendix .................................................................................................................................. 52

ANDREW BAKER (2013), Long-term view of hedge fund returns, The Financial Times
C.E ALLEN (2002), Building mountains in a flat landscape: Investor Relations in the
post-Enron era, Corporate Communications: An International Journal
CENTER FOR FINANCIAL STUDIES (2009), New Financial Order Recommendations
by the Issing Committee Part II , Preparing G-20 – London, 36p
CLEA BOURNE (2012), Rating agencies as a corporte governance mechanism : Power
and trust production in debt capital markets, Corporate Social Irresponsibility: A
Challenging Concept Critical Studies on Corporate Responsibility, Governance and
Sustainability, Volume 4, 135156 Copyright r 2012 by Emerald Group Publishing Limited
C.MARSTON (2008), Investor relations meetings: evidence from the top 500UK
companies, Accounting and Business Research.
DELOITTE (2014), Fresh Perspectives on Managing Reputational Risk, Wall Street
Journal
DP TSHID (2011), Notice of 2011 Financial Services board credit rating services act,
Credit Rating Agency Rules
EIOPA (2013), European Insurance and Occupational Pensions Authority half year
report, 3p
ESMA (2013), EFRAG Discussion paper-Toward a disclosure framework for the notes,
Brussels, 10p
EUROPEAN COMMISSION (2009), EU Response to the Financial Stability Board
(FSB), EU Action Plan to reduce reliance on CRA‟s, Directorate General Internal Market
and Services, Staff Working Paper
EUROPEAN COMMISSION (2013), New rules on credit rating agencies (CRAs) enter
into force – frequently asked questions, European commission Memo
FINANCIAL STABILITY FORUM (2008), Report of the Financial Stability Forum on
Enhancing Market and Institutional Resilience, Report 38p
FINANCIAL SERVICES AUTHORITY (2009), A regulatory response to the global
banking crisis, The Turner Review, 98p
FRIEDMAN, ANDREW L., S MILES (2002) Developing Stakeholder Theory, Journal of
Management Studies, 146p
GERARD CAPRIO (2012). Handbook of Key Global Financial Markets,
Institutions, and Infrastructure, Academic press, 634p
GOW, LAN D., SA-PYUNG SEAN SHIN, SURAJ SRINIVASAN (2014),
Consequences to Directors of Shareholder Activism, Harvard Business School
Working Paper
JEFFREY D. MORGAN (2014), Shareholder Engagement Should Be a Two-Way
Street, CFO.com
KLAUD RAINED KIRCHOFF from the German consulting firm Consult AG for
Deutsche Borse Group
LONDON STOCK EXCHANGE (2010), Investor Relations Practical Guide,
London Stock Exchange
MASON HAYES & CURRAN (2012), Investment Funds In Ireland, MHC.ie
NICHOLAS APOSTOLIDES (2010), Exercising corporate governance at the annual
general meeting, Emerald Group Publishing, Vol. 10 Iss: 2, pp.140 – 149
NURHAN TOSUN (2004), Financial value and public relations, Corporate
Communications: An International Journal, Emerald Group Publishing Limited,
2003p
OICV-IOSCO, (2004), Code of conduct fundamentals for credit rating agencies, The
technical committee of the international organization of securities commissions
O.VOLLBRECH (2006) Kapitalmarktstrategie : Erfolgsfaktoren für börsennotierte
Gesellschaften
PARTNOY(1999), The Siskel and Ebert of Financial Markets: Two Thumbs Down
for the Credit Rating Agencies, Accepted paper series, 104p
PAUL A.MCCULLEY (2007), Global Central Bank Focus Teton Reflections,
Pimco Your Global Investment Authority,
http://www.pimco.com/EN/Insights/Pages/GCBF%20August-
%20September%202007.aspx
PAUL M.HEALY, KRISHNA G.PALEPU (2001), Information asymmetry,
corporate disclosure, and the capital markets, Journal of Acounting and Economic
RAQUEL GARCIA ALCUBILLA, JAVIER RUIZ (2012), Credit Rating Agencies
on the Watch List: Analysis of European Regulation, Oxford, 320p
THE DE LAROSIERE GROUP (2009), The high level group on financial
supervision in the EU chaired by Jacques de Larosiere, Report, 86p
THOMAS RYAN, CHAD JACOBS (2005) Using Investor Relations to Maximize
Equity Valuation, Wiley Finance, 275p
TIM WORSTALL 3/31/2014 Michael Lewis Is Entirely Wrong About High
Frequency Trading Hitting The Little Guy, www.forbes.com
YIH JENG PhD, CFA,Finance Department, National Sun Yat-Sen University
(2014), Pension Schemes in Taiwan