Stock market reaction to CEO appointments, does background matter? Evidence from Finland.
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School of Business |
Bachelor's thesis
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Date
2019
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Mcode
Degree programme
Rahoitus
Language
en
Pages
19+2
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Abstract
This thesis analyses the importance of CEO appointments to shareholders in the Helsinki stock market between April 2009 and October 2019, with a focus on the different background characteristics the appointed CEOs hold. To assess if the owners of Finnish listed companies have preferences when it comes to appointed CEOs, I conduct a traditional event study with categorical regressions on the different cross sections of the sample. Results confirm that CEO appointments are indeed perceived as influential and carry a significant abnormal stock price effect. Evidence also suggests that some CEO characteristics do have a directional positive abnormal effect, but results are not significant enough to draw further conclusions.Description
Thesis advisor
Ungeheuer, MichaelKeywords
CEO appointments, OMXH, abnormal returns, event study