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

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  • 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
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    References listed on IDEAS

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    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.
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    Cited by:

    1. 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).
    2. 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.
    3. 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.

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