期刊名称：Journal of Economics and International Finance
电子版ISSN：2006-9812
出版年度：2010
卷号：2
期号：11
页码：272-277
语种：English
出版社：Academic Journals
摘要：The primary objective of this study is to examine whether there is a market reaction around the announcement day of an outside Chief Executive Officer (CEO) appointment. A significant market reaction around the announcement would indicate the strategic importance of a CEO and his/her contribution to future firm prospects. Our dataset consists of 158 US firms over the period 1993 to 2005 that appointed an outside CEO. Using an event study methodology, our results indicated that there exist abnormal stock returns around the appointment day of an outside CEO. The results of this study should be of great importance to organizations and capital market participants, such as investors, analysts, bankers, simply because firms will give more emphasis on the selection criteria of an outside CEO appointment, which subsequently affects shareholders’ wealth.
