Shareholder perceptions of the changing impact of CEOs: Market reactions to unexpected CEO deaths, 1950–2009
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- William Schwert, G., 2002.
"Stock volatility in the new millennium: how wacky is Nasdaq?,"
Journal of Monetary Economics, Elsevier, vol. 49(1), pages 3-26, January.
- G. William Schwert, 2001. "Stock Volatility in the New Millennium: How Wacky Is Nasdaq?," NBER Working Papers 8436, National Bureau of Economic Research, Inc.
- Giovanni Cespa & Xavier Vives, 2012.
"Dynamic Trading and Asset Prices: Keynes vs. Hayek,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 79(2), pages 539-580.
- Cespa, Giovanni & Vives, Xavier, 2007. "Dynamic trading and asset prices: Keynes vs. Hayek," IESE Research Papers D/716, IESE Business School.
- Giovanni Cespa & Xavier Vives, 2008. "Dynamic Trading and Asset Prices: Keynes vs. Hayek," CSEF Working Papers 191, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Vives, Xavier & Cespa, Giovanni, 2009. "Dynamic Trading and Asset Prices: Keynes vs. Hayek," CEPR Discussion Papers 7506, C.E.P.R. Discussion Papers.
- Giovanni Cespa & Xavier Vives, 2009. "Dynamic Trading and Asset Prices: Keynes vs. Hayek," CESifo Working Paper Series 2839, CESifo.
- Thomas H. Brush & Philip Bromiley, 1997. "What does a small corporate effect mean? A variance components simulation of corporate and business effects," Strategic Management Journal, Wiley Blackwell, vol. 18(10), pages 825-835, November.
- Les Coleman, 2011. "An Exploratory Analysis of Factors Influencing Initial Market Response and Media Reports following Shock Corporate Events," The Financial Review, Eastern Finance Association, vol. 46(2), pages 313-336, May.
- Wei Shen & Albert A. Cannella,, 2003. "Will succession planning increase shareholder wealth? evidence from investor reactions to relay CEO successions," Strategic Management Journal, Wiley Blackwell, vol. 24(2), pages 191-198, February.
- Carola Frydman & Raven E. Saks, 2010.
"Executive Compensation: A New View from a Long-Term Perspective, 1936--2005,"
The Review of Financial Studies, Society for Financial Studies, vol. 23(5), pages 2099-2138.
- Carola Frydman & Raven E. Saks, 2007. "Executive compensation: a new view from a long-term perspective, 1936-2005," Finance and Economics Discussion Series 2007-35, Board of Governors of the Federal Reserve System (U.S.).
- Carola Frydman & Raven E. Saks, 2008. "Executive Compensation: A New View from a Long-Term Perspective, 1936-2005," NBER Working Papers 14145, National Bureau of Economic Research, Inc.
- Timothy J. Quigley & Donald C. Hambrick, 2015. "Has the “CEO effect” increased in recent decades? A new explanation for the great rise in America's attention to corporate leaders," Strategic Management Journal, Wiley Blackwell, vol. 36(6), pages 821-830, June.
- Bruce Johnson, W. & Magee, Robert P. & Nagarajan, Nandu J. & Newman, Harry A., 1985. "An analysis of the stock price reaction to sudden executive deaths : Implications for the managerial labor market," Journal of Accounting and Economics, Elsevier, vol. 7(1-3), pages 151-174, April.
- Nguyen, Bang Dang & Nielsen, Kasper Meisner, 2010. "The value of independent directors: Evidence from sudden deaths," Journal of Financial Economics, Elsevier, vol. 98(3), pages 550-567, December.
- Kevin J. Murphy & Ján Zábojník, 2004. "CEO Pay and Appointments: A Market-Based Explanation for Recent Trends," American Economic Review, American Economic Association, vol. 94(2), pages 192-196, May.
- Markus A. Fitza, 2014. "The use of variance decomposition in the investigation of CEO effects: How large must the CEO effect be to rule out chance?," Strategic Management Journal, Wiley Blackwell, vol. 35(12), pages 1839-1852, December.
- Fama, Eugene F, et al, 1969. "The Adjustment of Stock Prices to New Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(1), pages 1-21, February.
- Alison Mackey, 2008. "The effect of CEOs on firm performance," Strategic Management Journal, Wiley Blackwell, vol. 29(12), pages 1357-1367, December.
- Vasilev, Aleksandar & Maksumov, Rashid, 2010. "Critical analysis of Chapter 23 of Keynes’s Notes on Mercantilism in The General Theory of Employment, Interest and Money (1936)," EconStor Research Reports 155318, ZBW - Leibniz Information Centre for Economics.
- Hayes, Rachel M. & Schaefer, Scott, 1999. "How much are differences in managerial ability worth?," Journal of Accounting and Economics, Elsevier, vol. 27(2), pages 125-148, April.
- Adam J. Wowak & Michael J. Mannor & Kaitlin D. Wowak, 2015. "Throwing caution to the wind: The effect of CEO stock option pay on the incidence of product safety problems," Strategic Management Journal, Wiley Blackwell, vol. 36(7), pages 1082-1092, July.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Yuan, Yuan & Hu, May & Cheng, Chen, 2023. "CEO succession and corporate innovation: A managerial myopic perspective," The North American Journal of Economics and Finance, Elsevier, vol. 64(C).
- Joseph Raffiee & Daniel Fehder & Florenta Teodoridis, 2022. "Revealing the revealed preferences of public firm CEOs and top executives: A new database from credit card spending," Strategic Management Journal, Wiley Blackwell, vol. 43(10), pages 2042-2065, October.
- Joon Mahn Lee & Jung Chul Park & Timothy B. Folta, 2018. "CEO career horizon, corporate governance, and real options: The role of economic short‐termism," Strategic Management Journal, Wiley Blackwell, vol. 39(10), pages 2703-2725, October.
- Fabel, Oliver & Mináriková, Dana & Hopp, Christian, 2022. "Differences and similarities in executive hiring decisions of family and non-family firms," Journal of Family Business Strategy, Elsevier, vol. 13(2).
- Graham, John R. & Kim, Hyunseob & Leary, Mark, 2020.
"CEO-board dynamics,"
Journal of Financial Economics, Elsevier, vol. 137(3), pages 612-636.
- John R. Graham & Hyunseob Kim & Mark T. Leary, 2019. "CEO-Board Dynamics," NBER Working Papers 26004, National Bureau of Economic Research, Inc.
- Fernández-Méndez, Carlos & Pathan, Shams, 2022. "Environmental stocks, CEO health risk and COVID-19," Research in International Business and Finance, Elsevier, vol. 59(C).
- Joon Mahn Lee & Jung Chul Park & Guoli Chen, 2023. "A cognitive perspective on real options investment: CEO overconfidence," Strategic Management Journal, Wiley Blackwell, vol. 44(4), pages 1084-1110, April.
- Lee, Joon Mahn & Kim, Jongsoo & Bae, Joonhyung, 2020. "Founder CEOs and innovation: Evidence from CEO sudden deaths in public firms," Research Policy, Elsevier, vol. 49(1).
- Elliott, M. & Golub, B. & Leduc, M. V., 2023. "Corporate Culture and Organizational Fragility," Cambridge Working Papers in Economics 2314, Faculty of Economics, University of Cambridge.
- Colak, Gonul & Liljeblom, Eva, 2022. "Easy cleanups or forbearing improvements: The effect of CEO tenure on successor’s performance," Journal of Financial Stability, Elsevier, vol. 63(C).
- Viput Ongsakul & Anutchanat Jaroenjitrkam & Sirimon Treepongkaruna & Pornsit Jiraporn, 2022. "Does board gender diversity reduce ‘CEO luck’?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(1), pages 243-260, March.
- Guoli Chen & Craig Crossland & Sterling Huang, 2020. "That Could Have Been Me: Director Deaths, CEO Mortality Salience, and Corporate Prosocial Behavior," Management Science, INFORMS, vol. 66(7), pages 3142-3161, July.
- Seung‐Hwan Jeong & Ann Mooney & Yangyang Zhang & Timothy J. Quigley, 2023. "How do investors really react to the appointment of Black CEOs?," Strategic Management Journal, Wiley Blackwell, vol. 44(7), pages 1733-1752, July.
- Elliott, M. & Golub, B. & Leduc, M. V., 2023. "Corporate Culture and Organizational Fragility," Janeway Institute Working Papers 2305, Faculty of Economics, University of Cambridge.
- Brian L. Connelly & Qiang (John) Li & Wei Shi & Kang‐Bok Lee, 2020. "CEO dismissal: Consequences for the strategic risk taking of competitor CEOs," Strategic Management Journal, Wiley Blackwell, vol. 41(11), pages 2092-2125, November.
- Trabert, Sebastian, 2023. "Do younger CEOs really increase firm risk? Evidence from sudden CEO deaths," Journal of Corporate Finance, Elsevier, vol. 79(C).
- Karpavičius, Sigitas & Yu, Fan, 2022. "Do idiosyncratic technology shocks induce peer effects?," Journal of Corporate Finance, Elsevier, vol. 77(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.- Timothy J. Quigley & Scott D. Graffin, 2017. "Reaffirming the CEO effect is significant and much larger than chance: A comment on Fitza (2014)," Strategic Management Journal, Wiley Blackwell, vol. 38(3), pages 793-801, March.
- Bang Dang Nguyen & Kasper Meisner Nielsen, 2014. "What Death Can Tell: Are Executives Paid for Their Contributions to Firm Value?," Management Science, INFORMS, vol. 60(12), pages 2994-3010, December.
- Jill A. Brown & Anne Anderson & Jesus M. Salas & Andrew J. Ward, 2017. "Do Investors Care About Director Tenure? Insights from Executive Cognition and Social Capital Theories," Organization Science, INFORMS, vol. 28(3), pages 471-494, June.
- Kilian Huber & Volker Lindenthal & Fabian Waldinger, 2021.
"Discrimination, Managers, and Firm Performance: Evidence from “Aryanizations” in Nazi Germany,"
Journal of Political Economy, University of Chicago Press, vol. 129(9), pages 2455-2503.
- Kilian Huber & Volker Lindenthal & Fabian Waldinger, 2019. "Discrimination, managers, and firm performance: evidence from “Aryanizations” in Nazi Germany," CEP Discussion Papers dp1599, Centre for Economic Performance, LSE.
- Kilian Huber & Volker Lindenthal & Fabian Waldinger, 2020. "Discrimination, Manager, and Firm Performance: Evidence from "Aryanizations" in Nazi Germany," Working Papers 2020-171, Becker Friedman Institute for Research In Economics.
- Kilian Huber & Volker Lindenthal & Fabian Waldinger, 2020. "Discrimination, Managers, and Firm Performance: Evidence from "Aryanizations" in Nazi Germany," CESifo Working Paper Series 8736, CESifo.
- Kilian Huber & Volker Lindenthal & Fabian Waldinger, 2021. "Discrimination, Managers, and Firm Performance: Evidence from “Aryanizations” in Nazi Germany," NBER Working Papers 28766, National Bureau of Economic Research, Inc.
- Huber, Kilian & Lindenthal, Volker & Waldinger, Fabian, 2019. "Discrimination, managers, and firm performance: evidence from “Aryanizations” in Nazi Germany," LSE Research Online Documents on Economics 102613, London School of Economics and Political Science, LSE Library.
- Michael C. Withers & Markus A. Fitza, 2017. "Do board chairs matter? The influence of board chairs on firm performance," Strategic Management Journal, Wiley Blackwell, vol. 38(6), pages 1343-1355, June.
- Tobias Keller & Martin Glaum & Andreas Bausch & Thorsten Bunz, 2023. "The “CEO in context” technique revisited: A replication and extension of Hambrick and Quigley (2014)," Strategic Management Journal, Wiley Blackwell, vol. 44(4), pages 1111-1138, April.
- Dang, Vinh Q.T. & So, Erin P.K. & Yan, Isabel K.M., 2018. "The value of political connection: Evidence from the 2011 Egyptian revolution," International Review of Economics & Finance, Elsevier, vol. 56(C), pages 238-257.
- Trabert, Sebastian, 2023. "Do younger CEOs really increase firm risk? Evidence from sudden CEO deaths," Journal of Corporate Finance, Elsevier, vol. 79(C).
- Gounopoulos, Dimitrios & Pham, Hang, 2018. "Specialist CEOs and IPO survival," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 217-243.
- Gjerløv-Juel, Pernille, 2019. "Executive turnover – Firms’ subsequent performances and the moderating role of organizational characteristics," European Management Journal, Elsevier, vol. 37(6), pages 794-805.
- Bart S. Vanneste, 2017. "How Much Do Industry, Corporation, and Business Matter, Really? A Meta-Analysis," Strategy Science, INFORMS, vol. 2(2), pages 121-139, June.
- Timothy J. Quigley & Donald C. Hambrick, 2015. "Has the “CEO effect” increased in recent decades? A new explanation for the great rise in America's attention to corporate leaders," Strategic Management Journal, Wiley Blackwell, vol. 36(6), pages 821-830, June.
- Yonca Ertimur & Caleb Rawson & Jonathan L. Rogers & Sarah L. C. Zechman, 2018. "Bridging the Gap: Evidence from Externally Hired CEOs," Journal of Accounting Research, Wiley Blackwell, vol. 56(2), pages 521-579, May.
- Thomas C. Omer & shelley@unl.edu & Frances M. Tice, 2020. "Do Director Networks Matter for Financial Reporting Quality? Evidence from Audit Committee Connectedness and Restatements," Management Science, INFORMS, vol. 66(8), pages 3361-3388, August.
- Waldinger, Fabian & Huber, Kilian & Lindenthal, Volker, 2018. "Discrimination, Managers, and Firm Performance: Evidence from “Aryanizations†in Nazi Germany," CEPR Discussion Papers 13089, C.E.P.R. Discussion Papers.
- Fernández-Méndez, Carlos & Pathan, Shams, 2022. "Environmental stocks, CEO health risk and COVID-19," Research in International Business and Finance, Elsevier, vol. 59(C).
- Ching-Hung Chang & Qingqing Wu, 2021. "Board Networks and Corporate Innovation," Management Science, INFORMS, vol. 67(6), pages 3618-3654, June.
- Rivolta, Mia L., 2018. "Worth the wait? Delay in CEO succession after unplanned CEO departures," Journal of Corporate Finance, Elsevier, vol. 49(C), pages 225-251.
- Kleindienst, Ingo & Haj Youssef, Moustafa & Harakeh, Mostafa & Yu, Mei, 2024. "Does the CEO effect differ in times of crisis? Evidence from US and China during the global financial crisis," Journal of Business Research, Elsevier, vol. 182(C).
- Becker, Sascha & Hvide, Hans V, 2013.
"Do entrepreneurs matter?,"
CAGE Online Working Paper Series
109, Competitive Advantage in the Global Economy (CAGE).
- Becker, Sascha O. & Hvide, Hans K., 2013. "Do entrepreneurs matter?," CEPR Discussion Papers 9295, C.E.P.R. Discussion Papers.
- Sascha Becker & Hans K. Hvide & Sascha O. Becker, 2013. "Do Entrepreneurs Matter?," CESifo Working Paper Series 4088, CESifo.
- Becker, Sascha O. & Hvide, Hans K., 2013. "Do entrepreneurs matter?," Economic Research Papers 270547, University of Warwick - Department of Economics.
- Becker, Sascha O. & Hvide, Hans K., 2013. "Do entrepreneurs matter?," The Warwick Economics Research Paper Series (TWERPS) 1002, University of Warwick, Department of Economics.
- Becker, Sascha O. & Hvide, Hans K., 2013. "Do Entrepreneurs Matter?," IZA Discussion Papers 7146, Institute of Labor Economics (IZA).
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:bla:stratm:v:38:y:2017:i:4:p:939-949. 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: Wiley Content Delivery (email available below). General contact details of provider: http://onlinelibrary.wiley.com/journal/10.1111/0143-2095 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.