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Introduction to financial communication. From public disclosures to interpersonal relations


The course offers a first overview of the realm of financial communication starting from basic concepts of communication and information theory. The course focuses on the interaction between public companies and investors, discussing disclosure processes, intermediaries, and special events where a proper communication plays a key role in order to ensure a fair valuation. Students are introduced to basic methods of communication analysis, including the analysis of textual tone and the analysis of narrative organization.


1: Foundations

  • Communication and information
  • Information and financial markets
  • Financial communication between disclosure and signaling

2: Communicating in the financial markets. Actors, genres, and processes

  • Actors: listed companies, investors, financial intermediaries, and information intermediaries
  • Genres: disclosure genres, media genres, and social media
  • Processes: disclosure process, communication in corporate governance

3: Media and the financial markets

  • Effects of the media in the financial markets
  • Financial information platforms
  • Advertising financial products and services

4: Analyzing financial communication

  • Analyzing topics coverage and textual tone
  • Narratives, rhetoric, and persuasive strategies

5: The extraordinary finance and crisis communication

  • IPO communication
  • Communication in the context of mergers and acquisitions
  • Crisis communication

6: Review session


Teaching method

Besides attending classes regularly, students will be expected to take part in a series of exercises and in-class presentations designed to help them practice their analytical and communicative skills in writing and speech.

Course activities will amount to 30% of the grade, while 70% will be attributed through a final oral exam.



Brennan, N. M., & Merkl-Davies, D. M. (2018). Do firms effectively communicate with financial stakeholders? A conceptual model of corporate communication in a capital market context. Accounting and Business Research, 48(5), 553-577.
Damodaran, A. (2017). Narrative and Numbers: The Value of Stories in Business. New York; Chichester, West Sussex: Columbia University Press.
Jack, L., J. Davison & R. Craig (eds.). 2013. The Routledge Compainion to Accounting Communication. Routledge: Abingdon (Oxon)/ New York.
Laskin, A. V. (Ed.). (2017). The handbook of financial communication and investor relations. John Wiley & Sons.
Lev, B. (2012). Winning investors over: Surprising truths about honesty, earnings guidance, and other ways to boost your stock price. Harvard Business Press.
Palmieri, R.and C. Palmieri (2012). Text types, activity types and the genre system of financial communication. In: L. Gautier (Ed.), Les discoures de la bourse et de la finance. Forum Für Fachsprachen-Forschung. Berlin: Frank und Timme, 85-105.
Raimondo C., Bajo E. (2017) Media Sentiment and IPO Underpricing, Journal of Corporate Finance:139-153
Raimondo, C. (2018). The Media and the Financial Markets: A Review, Asia‐Pacific Journal of Financial Studies, 155-184
Rigotti, E. & A. Rocci (2006), Towards a definition of communication context, in Colombetti, M. (ed.) The Communication Sciences as a Multidisciplinary Enterprise, Studies in Communication Sciences 6/2 (Anniversary Issue), p. 155-180
Rocci, A. 2014. The discourse system of financial communication. In M. Burger, (ed.) L’analyse des discours de communication publique. Cahiers de L’Institut de linguistique et des sciences du langage (CILSL, Lausanne), 31
Westbrook, Ian. 2014. Strategic Financial Communication. The Stock Price Story. Routledge, London



Raimondo C.

Course director

Rocci A.

Course director

Additional information

Academic year