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CEO casting call: Investor attention to corporate leadership appointments

Author

Listed:
  • Byrka-Kita, Katarzyna
  • Czerwiński, Mateusz
  • Ferris, Stephen P.
  • Preś-Perepeczo, Agnieszka
  • Wiśniewski, Tomasz

Abstract

In this study we explore the effect of investor attention on trading volume around announcements of CEO appointments. Using hand-collected data on CEO turnovers for publicly traded Polish firms during 2000–2016, we find that investors generally neglect announcements of CEO reappointments. But when we introduce behavioural-based trading strategies focused on momentum, we discover that trading volume reacts to announcements of these appointments. Further, we observe that investors respond most strongly to CEO reappointments that are accompanied by recent stock price increases. This study offers the first volume-based evidence supporting the moderating role of CEO appointment announcements on investor trading.

Suggested Citation

  • Byrka-Kita, Katarzyna & Czerwiński, Mateusz & Ferris, Stephen P. & Preś-Perepeczo, Agnieszka & Wiśniewski, Tomasz, 2025. "CEO casting call: Investor attention to corporate leadership appointments," Global Finance Journal, Elsevier, vol. 64(C).
    • Handle: RePEc:eee:glofin:v:64:y:2025:i:c:s1044028325000109
    DOI: 10.1016/j.gfj.2025.101083
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    More about this item

    Keywords

    Investor attention; Abnormal trading volume; Trading strategy; CEO appointment;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G40 - Financial Economics - - Behavioral Finance - - - General
    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation

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