This paper presents evidence on the association among chief executive officer (CEO) turnover, discretionary accounting choice and investor evaluations of those accounting choices. This paper presents the results of an analysis of unexpected earnings and abnormal security returns. The results show that decreasing income following non-routine turnover is associated with positive abnormal returns, suggesting that, under certain conditions, "bad news" can be "good news".
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Paper provided by Laval - Faculte des sciences de administration in its series Papers with number
96-54.
Length: 23 pages Date of creation: 1996 Date of revision: Handle: RePEc:fth:lavadm:96-54
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Find related papers by JEL classification: M10 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - General