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Financial Communication


Raimondo C.

Course director

Rocci A.

Course director

D'Agostino G.



The course provides a broad overview of the field of financial communication, covering the following topics:

  • The birth of Financial Communication: Public Relations and Accounting perspectives
  • Communication Theory foundations: The pragmatics of signaling
  • Finance foundations: information and the financial markets
  • The Interaction Field: key concepts and application to the financial markets
  • The Interaction Field: firms, investors, intermediaries and other stakeholders
  • The interaction schemes and the genre system of financial communication
  • The disclosure process
  • Firm valuation: between narrative and numbers
  • Firm valuation and market structure
  • From firm valuation to financial products
  • Business narratives and financial communication
  • Start-up narratives
  • IPO and communication
  • News, narratives and the financial markets
  • Financial Journalism. 


The course will help students to

  • Use foundations of communication theory and finance to understand financial communication as social interaction between multiple stakeholders around investment activities and as information flow affecting investment decisions
  • Understand the interaction between firms and financial markets in terms of signaling and disclosure, taking into account intermediaries and other stakeholders
  • Focus on valuation as the core of the communicative interaction between firms and financial markets, appreciating the synergy of qualitative (narrative) and quantitative information in firm valuation
  • Appreciate the importance of business narratives for the financial markets and how they change from start-up to IPO
  • Become familiar with some of the most common and important genres of financial communication
  • Use both the finance and the communication scholarships to understand financial communication problems.

Teaching mode

In presence

Learning methods

In class discussion of cases and problem-solving activities
Reading, summarizing and presenting relevant scientific literature

Examination information

Two in-class group presentations (20%)

Final written exam (80%)