IDEAS home Printed from https://ideas.repec.org/a/sae/toueco/v20y2014i3p567-578.html
   My bibliography  Save this article

CEO Resignations and New and Relevant Information Conveyance: Evidence from the Hospitality Industry

Author

Listed:
  • Leonard A. Jackson

    (Cecil B. Day School of Hospitality Administration, J. Mack Robinson College of Business, Georgia State University, 35 Broad Street, Suite 214, Atlanta, GA 30303, USA)

Abstract

Chief executive officer (CEO) resignations are of interest to shareholders. The market typically responds to such changes in relation to the gain or loss of human capital. This study investigates the issue of whether or not resignations of hospitality industry CEOs convey new and relevant information to the public markets. The study examines 32 resignations from 26 firms over a 12-year period and finds that CEO resignations from hospitality firms convey new and relevant information to the financial markets, albeit in a delayed manner. Findings also suggest information symmetry, indicating that investors can be confident that hospitality stocks are traded fairly in the capital markets.

Suggested Citation

  • Leonard A. Jackson, 2014. "CEO Resignations and New and Relevant Information Conveyance: Evidence from the Hospitality Industry," Tourism Economics, , vol. 20(3), pages 567-578, June.
    • Handle: RePEc:sae:toueco:v:20:y:2014:i:3:p:567-578
    DOI: 10.5367/te.2013.0288
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.5367/te.2013.0288
    Download Restriction: no
    File URL: https://libkey.io/10.5367/te.2013.0288?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Robert Neumann & Torben Voetmann, 2005. "Top executive turnovers: Separating decision and control rights," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 25-37.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Barry A.N. Bloom & Leonard A. Jackson, 2016. "Abnormal Stock Returns and Volume Activity Surrounding Lodging Firms' CEO Transition Announcements," Tourism Economics, , vol. 22(1), pages 141-161, February.
    2. Leonard A. Jackson, 2015. "Market Reaction to Bidder Announcements of Horizontal Mergers in an Oligopolistic Industry: Evidence from the US Airline Industry," Tourism Economics, , vol. 21(6), pages 1255-1271, December.
    3. Nicolau, Juan Luis & Sharma, Abhinav, 2022. "A review of research into drivers of firm value through event studies in tourism and hospitality: Launching the Annals of Tourism Research curated collection on drivers of firm value through event stu," Annals of Tourism Research, Elsevier, vol. 95(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Fan, Dennis K.K. & Lau, Chung-Ming & Young, Michael, 2007. "Is China's corporate governance beginning to come of age? The case of CEO turnover," Pacific-Basin Finance Journal, Elsevier, vol. 15(2), pages 105-120, April.
    2. Kato, Takao & Long, Cheryl, 2006. "CEO Turnover, Firm Performance and Enterprise Reform in China: Evidence from New Micro Data," IZA Discussion Papers 1914, Institute of Labor Economics (IZA).
    3. Kind, Axel & Schläpfer, Yves, 2011. "Are forced CEO turnovers good or bad news?," Working papers 2011/10, Faculty of Business and Economics - University of Basel.
    4. Jiaying Fan & Kai Wang & Lidong Wu, 2023. "Monitoring the Type I Agency Problem or the Type II Agency Problem? Directors Appointed by Non-State Shareholders and the CEO Turnover–Performance Sensitivity," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 59(7), pages 2160-2189, May.
    5. Barry A.N. Bloom & Leonard A. Jackson, 2016. "Abnormal Stock Returns and Volume Activity Surrounding Lodging Firms' CEO Transition Announcements," Tourism Economics, , vol. 22(1), pages 141-161, February.
    6. Kato, Takao & Long, Cheryl, 2006. "CEO turnover, firm performance, and enterprise reform in China: Evidence from micro data," Journal of Comparative Economics, Elsevier, vol. 34(4), pages 796-817, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:toueco:v:20:y:2014:i:3:p:567-578. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.