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CEO Confidence and Stock Returns


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  • Roger Best

    (University of Central Missouri)

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    In this research, I explore whether announcements of CEO confidence contain new information for investors. Information asymmetry implies that insiders such as Chief Executive Officers should have better information regarding the firm prospects than the average stock market participant. Thus, announcements of CEO perceptions may provide valuable insights to investors. Utilizing The Conference Board quarterly measures of CEO confidence and CEO six-month economic outlook, I find significant correlations between changes in CEO outlook and the announcement date returns on three major stock market indexes. These correlations are larger and more significant for indexes of smaller companies, implying announcements of CEO confidence provide unique and valuable information to stock markets.

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    Bibliographic Info

    Paper provided by University of Central Missouri, Department of Economics & Finance in its series Working Papers with number 0808.

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    Length: 6 pages
    Date of creation: Aug 2008
    Date of revision: Aug 2008
    Publication status: forthcoming.
    Handle: RePEc:umn:wpaper:0808

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    Related research

    Keywords: CEO Confidence; Consumer Confidence; Stock Returns; Asymmetric Information;

    This paper has been announced in the following NEP Reports:


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    1. O. David Gulley & Jahangir Sultan, 1998. "Consumer confidence announcements: do they matter?," Applied Financial Economics, Taylor & Francis Journals, vol. 8(2), pages 155-166.
    2. Jansen, W. Jos & Nahuis, Niek J., 2003. "The stock market and consumer confidence: European evidence," Economics Letters, Elsevier, vol. 79(1), pages 89-98, April.
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