Market Reaction To The Announcement Of A Male-To-Female Ceo Turnover
AbstractThis paper investigates the market reaction to a firm switching from a male CEO to a female CEO. We compare these firms against a four dimensional matched sample of male to male CEO appointments. Our results indicate that female CEO appointments are followed by small insignificant negative reactions, whereas male CEO announcements are followed by economically and statistically significant negative reactions. Analysis of compensation data indicates that female CEOs receive more equity compensation than males, though this difference is statistically insignificant.
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Bibliographic InfoPaper provided by Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University in its series CAMA Working Papers with number 2009-13.
Length: 29 pages
Date of creation: May 2009
Date of revision:
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Find related papers by JEL classification:
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
- J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
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