The study was conducted by the Center for Research in Financial Communication in collaboration with Neidhart + Schön, Zurich, and the Center for Corporate Reporting (CCR). It examines the developments of the online annual report as an instrument of investor relations in Germany and Switzerland. In particular, attention was paid to how content, formats and digital reporting features have evolved over the course of four years. The 50 largest listed companies from Germany and Switzerland were selected by market capitalization. In detail, these were 47 annual reports in the Swiss indices SMI and SMIM and 50 in the German indices DAX and MDAX. The 2017 annual reports were analyzed and compared with data from previous years. The full study can be found here (in German only)