{"title":"CEO忽悠和股价暴跌","authors":"Bin Liu , Xuemei Zhou","doi":"10.1016/j.frl.2025.107449","DOIUrl":null,"url":null,"abstract":"<div><div>This study develops a model elucidating the mechanism by which CEO exaggeration triggers stock price collapses. CEOs leverage private information to attract investment through premarket boasting. Two investor archetypes interpret this information differently: Type I investors, possessing superior analytical capabilities, accurately discern true value; Type II investors, who rely on CEO pronouncements, may overestimate firm worth. Equilibrium prices depend on stock payoff, CEO boasting, and market liquidity. The model demonstrates that equilibrium prices exhibit a nonlinear dependence on the extent to which investors focus on CEO boasting, potentially culminating in a stock price collapse.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107449"},"PeriodicalIF":6.9000,"publicationDate":"2025-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"CEO spin and the stock price crash\",\"authors\":\"Bin Liu , Xuemei Zhou\",\"doi\":\"10.1016/j.frl.2025.107449\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study develops a model elucidating the mechanism by which CEO exaggeration triggers stock price collapses. CEOs leverage private information to attract investment through premarket boasting. Two investor archetypes interpret this information differently: Type I investors, possessing superior analytical capabilities, accurately discern true value; Type II investors, who rely on CEO pronouncements, may overestimate firm worth. Equilibrium prices depend on stock payoff, CEO boasting, and market liquidity. The model demonstrates that equilibrium prices exhibit a nonlinear dependence on the extent to which investors focus on CEO boasting, potentially culminating in a stock price collapse.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"81 \",\"pages\":\"Article 107449\"},\"PeriodicalIF\":6.9000,\"publicationDate\":\"2025-05-02\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612325007093\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325007093","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
This study develops a model elucidating the mechanism by which CEO exaggeration triggers stock price collapses. CEOs leverage private information to attract investment through premarket boasting. Two investor archetypes interpret this information differently: Type I investors, possessing superior analytical capabilities, accurately discern true value; Type II investors, who rely on CEO pronouncements, may overestimate firm worth. Equilibrium prices depend on stock payoff, CEO boasting, and market liquidity. The model demonstrates that equilibrium prices exhibit a nonlinear dependence on the extent to which investors focus on CEO boasting, potentially culminating in a stock price collapse.
期刊介绍:
Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies.
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