The Relationship between CEO Reputation And Future Earning Response Coefficient
| Autor: | Liao, Pei-Ru, 廖佩如 |
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| Rok vydání: | 2014 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 102 We examine whether CEO reputation allows stock returns to better reflect future earnings information, reflected in higher future earnings response coefficient (FERC). Using multiple proxies for CEO reputation comprised of commonly used proxies for managerial ability and CEO media coverage, we find that firms with highly reputed CEOS are associated with higher FERC, suggesting that CEO reputation represents a leading indicator of profit streams and thus assists investors in better predicting future earnings. The result is robust to controlling for firm size, growth, future earnings volatility, and analyst coverage. Overall, our paper provides empirical evidence on the economic consequences associated with CEO reputation. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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