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Market Reaction To The Announcement Of A Male-To-Female Ceo Turnover

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Author Info
Amanda L. Coxbill
Lee W. Sanning ()
Sherrill Shaffer ()

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Abstract

This paper investigates the market reaction to a firm switching from a male CEO to a female CEO. We compare these firms against a four dimensional matched sample of male to male CEO appointments. Our results indicate that female CEO appointments are followed by small insignificant negative reactions, whereas male CEO announcements are followed by economically and statistically significant negative reactions. Analysis of compensation data indicates that female CEOs receive more equity compensation than males, though this difference is statistically insignificant.

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File URL: http://cama.fec.anu.edu.au/Working%20Papers/Papers/2009/Coxbill_Sanning_Shaffer_132009.pdf
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Publisher Info
Paper provided by Australian National University, Centre for Applied Macroeconomic Analysis in its series CAMA Working Papers with number 2009-13.

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Length: 29 pages
Date of creation: May 2009
Date of revision:
Handle: RePEc:acb:camaaa:2009-13

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Find related papers by JEL classification:
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
G30 - Financial Economics - - Corporate Finance and Governance - - - General
J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination

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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. Wolfers, Justin, 2006. "Diagnosing Discrimination: Stock Returns and CEO Gender," CEPR Discussion Papers 5507, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Huson, Mark R. & Malatesta, Paul H. & Parrino, Robert, 2004. "Managerial succession and firm performance," Journal of Financial Economics, Elsevier, vol. 74(2), pages 237-275, November. [Downloadable!] (restricted)
  3. Masson, Robert Tempest, 1971. "Executive Motivations, Earnings, and Consequent Equity Performance," Journal of Political Economy, University of Chicago Press, vol. 79(6), pages 1278-92, Nov.-Dec.. [Downloadable!] (restricted)
  4. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October. [Downloadable!] (restricted)
  5. John M. Abowd, 1990. "Does performance-based managerial compensation affect corporate performance?," Industrial and Labor Relations Review, ILR Review, ILR School, Cornell University, vol. 43(3), pages 52-73, February.
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This page was last updated on 2009-11-6.

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