Although German companies can still be difficult to pin down, their communication skills are improving, according to the latest quarterly report from AQ, a UK-based research firm, which looks at the accuracy of European brokers. Companies, particularly the larger ones, are increasingly implementing fully fledged investor relations programmes and adopting international accounting practices.

DaimlerChrysler has been held up as a model of investor relations decorum, but its efforts were mainly driven by the merger between the German and American car giants. Other large companies, such as Schering, have followed suit and become more open with analysts. The pharmaceutical giant recently made its debut on the New York Stock Exchange. It not only issues routine quarterly reports, but provides annual financial briefings plus yearly lowdowns on its research and development programmes.