Replication data for: Does the Market Value CEO Styles?
Principal Investigator(s): View help for Principal Investigator(s) Antoinette Schoar; Luo Zuo
Version: View help for Version V1
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| P2016_1031_data | 10/12/2019 11:02:AM | ||
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text/plain | 14.6 KB | 10/12/2019 07:02:AM |
Project Citation:
Schoar, Antoinette, and Zuo, Luo. Replication data for: Does the Market Value CEO Styles? Nashville, TN: American Economic Association [publisher], 2016. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113449V1
Project Description
Summary:
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We study how investors perceive the skill set that different types of CEOs bring into their companies. We compare CEOs who started their careers during a recession with other CEOs. We show that the announcement return around the appointment of a recession CEO is very significant and positive, and this positive market reaction is driven by cases where a recession CEO replaces a non-recession CEO. Our results indicate that the market assigns a positive and economically meaningful value to a recession CEO, suggesting that there is a limited supply of these types of CEOs in the executive labor market.
Scope of Project
JEL Classification:
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E32 Business Fluctuations; Cycles
G14 Information and Market Efficiency; Event Studies; Insider Trading
G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
G34 Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
M12 Personnel Management; Executives; Executive Compensation
M52 Personnel Economics: Compensation and Compensation Methods and Their Effects
E32 Business Fluctuations; Cycles
G14 Information and Market Efficiency; Event Studies; Insider Trading
G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
G34 Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
M12 Personnel Management; Executives; Executive Compensation
M52 Personnel Economics: Compensation and Compensation Methods and Their Effects
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