Narrative analysis helps us better understand how writers handle complex business
communication challenges. This study analyzed shareholder reports of equity
mutual funds whose total returns were high in absolute terms, but low in relative
terms. These reports were complex in that the returns were ambiguous and,
although the subject matter was technical, the readership was broad. Narrative
analysis reveals that mixed-return shareholder reports use a nonlinear hyperstruc
ture, dramatize ideas through contrasting narrators, embed a variety of subgenres,
and complement verbal with visual discourse in order to make readers active par
ticipants in constructing the investment story. Readers' responses to these reports
depends not only on their intellectual understanding, but also on their emotional
interaction with the narrator personae and visual symbolism. The discourse tex
ture, the underlying fabula, and the story affect how readers experience a text.
Applied similarly, narrative analysis could elucidate other business communication
genres, principles, problems, and questions.