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"Mostly INFORMATION IS IMPORTANT THAN FLOW CASH FLOW"


From provocative food for thought



As communicators we can not love this definition that summarizes in a few lines as the flow of information a company has at least the same importance and the same value of the cash flow business. Both the company and both are necessary, in different ways, producing value.

But on the other hand, from the point of business, can only be understood and seen as a provocation.

What is a definition of the consultants of Enron? No, I prefer to think instead it's just a way to make it clear to companies that communication must be regarded as a strategic asset that creates value for the 'company and its shareholders.




Bianca Fersini Mastelloni, CEO Polytems Hir

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WHAT WE KNOW ABOUT RISK / RETURN OF SHARES Microcap

When the investor relations activities aimed at attracting individual investors, small companies and micro-cap, should be aware of the characteristics in which part of your company.

MicroCap The term covers listed companies with a market capitalization of less than U.S. $ 150 million (*), which can be classified into investment growth (in growth), or investment value (in which the value has already been expressed), or both.

The investor relator and the top management of companies should be aware that:

1. for their classification in respect of the investment is always necessary to consider the life cycle in which it is actually running the company, which can be inserted from investors, including business growth and value companies.

2. Low floating micro-cap companies always have an impact on their stock value.

3. The risk / return of the shares of the MicroCap classified as an investment is inappropriate for many small investors.

4. Quantitative research indicates that the return on shares is always proportionate to the risk that the title you have.

5. Research also suggests that the return on shares MicroCap often goes in the opposite direction of returns data from large-cap securities.

Therefore, investor relations activities aimed at individual investors should focus on finding investors, High Net-Worth Individuals and as a result of their Advisor.

The following is a summary of research done in the U.S. that supports this thesis (**).

The top management of a company with high growth must consider the actions of your company in the context of the capital market, and know that the appeal of his company is always seen in relation to other equity investments.

The financial market is very fragmented and there are many players present. There are many investment advisors and many fund managers who see the growing company as an investment alternative to large-cap or bond. Many investment advisor assigned to the category of MicroCap the same high risk / return that is assigned to high-yeld bonds that certain types of hedge funds.

That said, not all fund managers invest in equities and MicroCap not all investors are an appropriate target for the activities of companies MicroCap Investor Relations. In fact, in the U.S. there are numerous studies supporting the fact that the most vital targets for individual investor MicroCap companies, both HNWI (High Net-Worth-Individual).

equity investing should always remember that it incurs a return commensurate with risk. The higher the return, the higher the risk.

MicroCap actions generally are considered much more risky by institutional investors of the shares of large cap companies. Therefore, the micro and small cap shares, are securities in which people have to invest with limited capital, inexperienced people, with low risk appetite and not the actions on which to bet his entire fortune. Securities are not suitable for speculation or easy money, unless it falls into the category of professional traders and institutional investors. The truth is that the actions MicroCap are relatively risky, speculative and in some cases are almost always considered as a medium to long term investment. They are a reasonable and appropriate asset class for people with a good heritage and a discretionary investment capacity (HNWI).

Although the actions of MicroCap companies are also known as alternative investments, fans of these titles indicate that such shares are attractive because they are generally able to license potentially grow more than others. They also believe that this prevailing market failure provides a real opportunity for diversification in an investment strategy that differs by market capitalization. This requires some significant differences in the performance of the market capitalization share more widely.

The fact that many do not pay dividends MicroCap simplifies the consideration for which MicroCap the return of the shares goes against the trend with a return to more large-cap shares. What does not simplify the discussion concerns the transaction costs on investment in MicroCap which are quite high.

Transaction costs and result in reduced liquidity floating enhance and complicate any challenge to the license MicroCap Investor Relations. Some research suggests it as the return of the portfolio affected by transaction costs.

In 1998, the Plexus Group ,(**) a consulting firm in Los Angeles, completed an extensive research confirming that the transaction costs charged to the actions of smaller capitalization companies were much higher than the costs that were applied to the trading of shares at higher market capitalization. The study also confirmed that the investment style could affect investors' transaction costs, as well as brokerage fees.
Investors in large caps have beneficial transactions costs, while investors in small cap support higher transaction costs than investors in large cap, and MicroCap investors to suffer the highest costs of any other investor.

In the U.S., studies of stock returns using data compiled by the Center for Research in Securities Prices (CRSP) for making comparisons between different capitalization securities. The data of the market capitalization of CRSP are organized into deciles. With reference to all actions of the NYSE (excluding REITs (Real Estate Investment Trust), ADR and closed-end funds) and dividing them into deciles of market capitalization to create the CRSP deciles which are also added to the actions of the NASDAQ and dell'AMEX. The actions fall within the larger capitalization deciles 1 and 2. The Microcap in deciles 9 and 10.

Over the past 70 years, Rolf W. Banz University of Chicago began to study the return on the shares based on their capitalization market. His research suggested that, even after adjusting for risk, small cap shares seemed performs better than the large cap shares. Banz and his colleagues subsequently published a book in which he stated that the actions of the smallest market capitalization deciles of CRSP had generated a return of 5% higher than the performance of the shares of larger capitalization, on the same timescale. Researchers have attributed this excess profit to the risk premium for the possession of small cap shares. This observation was discussed among academics in the context of Capital Asset Pricing Model (CAPM) and is known as the effect size.
Investors in small cap companies - including micro-cap - always cite these studies.

As already mentioned, the return on securities of companies Microcaps goes in the opposite direction to the securities of companies with large capitalization.
The reason for this is that the titles are the latest headlines MicroCap to be exchanged, because investors are returning to MicroCap when they realize that the large cap shares are overvalued. They are the latest actions to be sold in a market that goes down because investors are reluctant to sell their shares in spite of a less liquid market of buyers. We refer of course to investors operating MicroCap actions with a time horizon of medium to long term.

So the best ingredient to deliver the securities and exchange MicroCap liquidity is stable and continues to create a broad base of high net worth individuals. The time taken to identify, contact and to inform investors of this group of Advisors is a necessary investment. These can be
Stockbrokers also one of the best lines of defense, and good allies, when market negative economic trends or periodic lackluster results, depress the share price. They can become a lever influential community, as able to provide their customers with macro and microeconomic interpretations of events, in support of the title.

(*) Source: BNYMellon (February 2009 survey)

(**) Source: Bloomberg, Investor Relations

translation and free adaptation of Fersini Mastelloni White, CEO of Polytems Hir

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10 BASIC RULES FOR MANAGING AN INVESTOR RELATIONS CRISIS

Investor Relations Crisis Although each is different, in most cases tactics used to calm the market, to reassure creditors, placate the media, and parry attacks are relatively straightforward. They can be summarized in the following 10 basic rules:

1. understand the facts. Knowledge is power, especially when dealing with a crisis. Understand the facts and the situation - not just the proverbial who, what, where, when and why the schools of communication and journalism are taught to fix but also how and, more importantly, "what are our responsibilities in that that has happened, we could avoid it? What is the meaning of this? The perception that it was outside, it reflects the facts? If not why? It 'hard to explain the facts if he does not know until the end. The worst thing you can do is provide an explanation that is wrong. Even if the 'mistake was honest, credibility will suffer, and a bad situation will become a very bad situation.


2. Understand your audience. To produce your message with the property, or to address the relevant points of a situation, you must understand the interests of the diverse audience of your company. Analysts do not always have the same interests of investors. Journalists may have a totally different focus, as you probably, employees, customers and sales network. Understand complex views of the audience will help you better communicate your message.

3. Communicate with key stakeholders of all your audiences. This rule speaks for itself. If an audience is important and has an interest in your company, talk to it. Nothing feeds the fear, or strengthens the rumors, such as uncertainty, and nothing reinforces the anxiety that something is worse than it seems that silence.

4. Be proactive. It 's almost always best to take action since the beginning of a problem to keep away until it reaches extreme proportions. The bad news tends to feed on their own, like a snowball then turns into an avalanche. Identify the problem, develop a solution, and communicate them both to your diverse audience. If you do not have an immediate solution, at least make sure that the world may know that you've identified the problem and are working to resolve it. In the global world we live in that media coverage 24 / 7 and in which investors chatting online, the silence is interpreted as a secret, and secret means that you have something to hide.

5. to prepare for any eventuality. In planning to work on a situation that caused the break-out, the question arises what are the effects of this new event that should eventually make known to the company's various audiences. What are the worst scenarios, identify and prepare for them.

6. respond appropriately. Although it is important not to ignore incipient never a problem, a super reaction to any situation can be just as bad or very bad that a lack of reaction. It can often cause a crisis which did not exist before. In assessing the problem beware of various "what .... if "and react accordingly. Do risk-benefit analysis for each point of your reaction to the topic. Sometimes, less is too much and too much is not enough ..

7. Speaking with one voice. Nothing is more important in a crisis, or business in general, that the credibility. It depends on either the honesty and accuracy, which determines the consistency. It 'difficult if not impossible, to maintain credibility if several people say different things in your society. If you have separated the functions of PR and IR, it is very likely that the two teams are both on the same page and each of them with your management team.

8. Focus is on the solution of the problem. Companies often issue press releases announcing the large loss in which they are incurred in the last quarter without giving any indication of what they are doing to bring the loss into a profit. Many times, companies talk of withdrawal of a product, but do not indicate what they are doing to determine the problem behind it. Identify the solution is equally important for investors to identify the problem and may become more important.

9. give directions for the future and not only on the past. The Exchange is interested in the past only as an extension of what they believe it may relate to the future. The disclosure of a company should always have a focus on the future. This is always essential, especially at a time of crisis.

10. Be direct. Be direct and clear will make you feel in the best and most reliable. The basic rule is to tell the truth.

The latest indication on the formation of a task force made up of crisis management as well as by top management and the Investor Relator, including the company's key managers and external consultants to communicate with high track record.

These short 10 basic rules to help companies manage a crisis immediately. If your company is perceived by the public and shareholders as open, honest and reliable, it is less likely that his reputation is vulnerable to negative events or rumors. Investors can interpret events and difficult to penalize a companies they know and perceive as reliable. E 'to be built over time, reliability, trust and reputation of the Bourse.

Fersini Mastelloni White, CEO of Polytems Hir

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PISA - Ascoli 1-1

08/11/2008 - 16:00 Viviani hits full recovery

daring balancing of Pisa in today's match against Ascoli, valid for the thirteenth day forward. The network, which marked the final 1-1, signed by Vivian Pisano, is in fact reached the first minute of recovery for the second tranche, a Pisa to emphasize that, despite the continuing emergence at the level of injury (also out today Joelson per game in progress), threw the heart beyond the obstacle, trying to restore the balance until the last second of it recupero.Non the usual game early in the race, with fans of Pisa in silence for the first 45 minutes of play to protest the transfer denied dell'Ascoli fans. Mr. Ventura Morello once again in goal in place of Alfonso, but is forced to renounce Greek, still not at his best. Alongside Gasparetto attack in the first fraction sees a review Degano.La Ascoli noticed but ready to strike, given the elements of experience ranged from Mr. Chiarenza attack. Among these Soncin, in the early stages of the race just did not bother Morello. The Pisa stands out with a free-kick over the barrier guest Birindelli and un'incornata over the crossbar with a Braia Joelson, in action, held in an irregular manner in the middle area. Guests will make it particularly tricky at the end of time when Morello is decisive in repelling a shot from close range in the North ulro Bellusci.Nella resumed again as high as ever. And Pisa is near the lead with Masiero, who took over the accident Joelson, and Gasparetto. But at 7 'guests went ahead with Soncin, able to argue to a network refused to Morello. The Pisa try now to shake and the 20 'Degano, Taibi kick just before the edge of the pole. At 32 'first expulsion in the ranks dell'Ascoli: it is costs for a second yellow card, Di Donato. The race is becoming more frantic with Pisa in desperate search of an equalizer and the guests who try to bring home the three points. At 43 ', however, on a shot from outside the referee Stefanini Radovanovic decreed a penalty kick for Pisa, following alleged irregularities against Gasparetto. The conlcusione of Degano is diverted for a corner by the excellent Taibi. On developments in the corner though, Viviani find the winning touch, restoring the parity of the meeting. At the end of the Marches is also expelled Taibi, perhaps a few words too many. Within 5 minutes of recovery, the Nerazzurri, in clear numerical superiority, will try to do the bang but ends with the conclusion of Genevier just wide. The Nerazzurri go up as well in the ranking at 17 points, occupying the thirteenth.
The match report: PISA: 1 Morello, 15 Birindelli, Trevisan 6, 32 Vivian, 16 Zavagno; Genevier 2, 20 February (21 38'st Radovanovic), 13 Degano, Job 7, 30 Gasparetto, 14 Joelson (88 29'pt Masiero, 30 ' Raggio Garibaldi 17 st). A disp. 27 Alfonso, 25 Ferri, 77 Piccinni, 26 Feussi. Herds VenturaASCOLI: 1 Taibi, 13 Nastos, 15 Bellusci, 24 Micolucci, 18 fish, 20 Aloe (26'st Giallombardo 11), 8 Di Donato, 21 Lusch, 77 Luisi (14'st Giorgi 5), 10 Sommese, 99 Soncin (38'st Bucchi 29). A disp. 16 Pennisi, Belinghieri 4, 9 dogs, 19 Raphael. Herds ChiarenzaArbitro: Stefanini Prato (Ferrandini - Gallons) Scorers: 8'st Soncin, 46 'VivianiEspulsi: 32'st Di Donato, 50'st TaibiAmmoniti: Bellusci, Di Donato, Luisi, Giorgi