CEO casting call: Investor attention to corporate leadership appointments

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal Pub Date : 2025-01-28 DOI:10.1016/j.gfj.2025.101083

Katarzyna Byrka-Kita , Mateusz Czerwiński , Stephen P. Ferris , Agnieszka Preś-Perepeczo , Tomasz Wiśniewski

引用次数: 0

Abstract

In this study we explore the effect of investor attention on trading volume around announcements of CEO appointments. Using hand-collected data on CEO turnovers for publicly traded Polish firms during 2000–2016, we find that investors generally neglect announcements of CEO reappointments. But when we introduce behavioural-based trading strategies focused on momentum, we discover that trading volume reacts to announcements of these appointments. Further, we observe that investors respond most strongly to CEO reappointments that are accompanied by recent stock price increases. This study offers the first volume-based evidence supporting the moderating role of CEO appointment announcements on investor trading.

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CEO选拔：投资者关注公司领导层的任命

在本研究中，我们探讨了投资者关注对CEO任命公告前后交易量的影响。使用手工收集的2000-2016年波兰上市公司CEO离职数据，我们发现投资者通常忽略了CEO连任的公告。但当我们引入以动量为重点的基于行为的交易策略时，我们发现交易量会对这些任命的宣布做出反应。此外，我们观察到，投资者对伴随近期股价上涨的CEO连任反应最为强烈。本研究提供了第一个基于量的证据来支持CEO任命公告对投资者交易的调节作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Global Finance Journal BUSINESS, FINANCE-

CiteScore

7.30

自引率

13.50%

发文量

106

审稿时长

53 days

期刊介绍： Global Finance Journal provides a forum for the exchange of ideas and techniques among academicians and practitioners and, thereby, advances applied research in global financial management. Global Finance Journal publishes original, creative, scholarly research that integrates theory and practice and addresses a readership in both business and academia. Articles reflecting pragmatic research are sought in areas such as financial management, investment, banking and financial services, accounting, and taxation. Global Finance Journal welcomes contributions from scholars in both the business and academic community and encourages collaborative research from this broad base worldwide.