This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

CEO Confidence and Stock Returns

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Roger Best () (University of Central Missouri)
Abstract

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.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://faculty.ucmo.edu/econfinpapers/wpaper/wp0808.pdf
File Format: application/pdf
File Function:
Download Restriction: no

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

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 6 pages
Date of creation: Aug 2008
Date of revision: Aug 2008
Publication status: forthcoming.
Handle: RePEc:umn:wpaper:0808

Contact details of provider:
Postal: Dockery 300, Warrensburg, MO 64093
Phone: (660) 543-4246
Fax: (660) 543-8465
Web page: http://www.ucmo.edu/econ
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (Paul Chambers).

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

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Gulley, O David & Sultan, Jahangir, 1998. "Consumer Confidence Announcements: Do They Matter?," Applied Financial Economics, Taylor and Francis Journals, vol. 8(2), pages 155-66, April. [Downloadable!] (restricted)
Full references

Statistics
Access and download statistics

Did you know? About 2700 working paper series are listed on RePEc.

This page was last updated on 2009-12-11.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.