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Identifying the best companies for leaders: does it lead to higher returns?

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Author Info

  • Greg Filbeck

    (Department of Finance, Sam and Irene Black School of Business, Penn State Erie, Erie, PA, USA)

  • Raymond F. Gorman

    (Department of Finance, Farmer School of Business, Miami University, Oxford, OH, USA)

  • Xin Zhao

    (Department of Finance, Sam and Irene Black School of Business, Penn State Erie, Erie, PA, USA)

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    Abstract

    Since 2002, Chief Executive magazine, in conjunction with the Hay Group, has published a list of the Top 20 Companies for Leaders. In this paper, we examine the performance of those companies listed as being the best for leaders. We examine the announcement impact on share price associated with the press releases for firms included in the list and holding period returns between subsequent survey releases. While we generally do not find a significant difference in the performance of the Best Leader sample compared with either the market or the matched sample, we do find that the Best Leader sample outperforms other benchmarks on a raw and risk-adjusted basis during times of high market volatility. Copyright © 2009 John Wiley & Sons, Ltd.

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    File URL: http://hdl.handle.net/10.1002/mde.1468
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    Bibliographic Info

    Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

    Volume (Year): 31 (2010)
    Issue (Month): 1 ()
    Pages: 19-31

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    Handle: RePEc:wly:mgtdec:v:31:y:2010:i:1:p:19-31

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    Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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    1. Barber, Brad M. & Lyon, John D., 1997. "Detecting long-run abnormal stock returns: The empirical power and specification of test statistics," Journal of Financial Economics, Elsevier, vol. 43(3), pages 341-372, March.
    2. Shea, Christine M, 1999. "The Effect of Leadership Style on Performance Improvement on a Manufacturing Task," The Journal of Business, University of Chicago Press, vol. 72(3), pages 407-22, July.
    3. Jegadeesh, Narasimhan & Titman, Sheridan, 1993. " Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency," Journal of Finance, American Finance Association, vol. 48(1), pages 65-91, March.
    4. Warner, Jerold B. & Watts, Ross L. & Wruck, Karen H., 1988. "Stock prices and top management changes," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 461-492, January.
    5. Fama, Eugene F. & French, Kenneth R., 1993. "Common risk factors in the returns on stocks and bonds," Journal of Financial Economics, Elsevier, vol. 33(1), pages 3-56, February.
    6. Greg Filbeck & Dianna Preece, 2003. ""Fortune's" Best 100 Companies to Work for in America: Do They Work for Shareholders?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(5-6), pages 771-797.
    7. Renée B. Adams & Heitor Almeida & Daniel Ferreira, 2005. "Powerful CEOs and Their Impact on Corporate Performance," Review of Financial Studies, Society for Financial Studies, vol. 18(4), pages 1403-1432.
    8. James Ang & Beni Lauterbach & Joseph Vu, 2003. "Efficient Labor and Capital Markets: Evidence from CEO Appointments," Financial Management, Financial Management Association, vol. 32(2), Summer.
    9. William F. Sharpe, 1965. "Mutual Fund Performance," The Journal of Business, University of Chicago Press, vol. 39, pages 119.
    10. Jensen, Michael C & Murphy, Kevin J, 1990. "Performance Pay and Top-Management Incentives," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 225-64, April.
    11. Denis, David J & Denis, Diane K, 1995. " Performance Changes Following Top Management Dismissals," Journal of Finance, American Finance Association, vol. 50(4), pages 1029-57, September.
    12. Gur Huberman, 2001. "Contagious Speculation and a Cure for Cancer: A Nonevent that Made Stock Prices Soar," Journal of Finance, American Finance Association, vol. 56(1), pages 387-396, 02.
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