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Can CEOs Change the Market Perception by Giving Interviews to the Media?

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  • Ela Ostrovsky-Berman

Abstract

This study examines market reactions to press coverage of public companies in general, and to media interviews given by CEOs in particular. Using a unique database, that includes press articles and interviews with CEOs of 378 S&P companies, I find that press coverage is followed by significant abnormal returns in the short term. Further, the reaction to negative news is slightly stronger than the reaction to positive news. Moreover, I show that interviews with CEOs increase abnormal returns. CEOs’ reputation has a positive effect particularly where negative news is commented on by very highly reputed CEOs.

Suggested Citation

  • Ela Ostrovsky-Berman, 2021. "Can CEOs Change the Market Perception by Giving Interviews to the Media?," Journal of Behavioral Finance, Taylor & Francis Journals, vol. 22(1), pages 65-73, January.
    • Handle: RePEc:taf:hbhfxx:v:22:y:2021:i:1:p:65-73
    DOI: 10.1080/15427560.2020.1716761
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