Market Reaction To The Announcement Of A Male-To-Female CEO Turnover

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Executive Summary

This paper investigates the market reaction to a firm switching from a male CEO to a female CEO. The authors compare these firms against a four dimensional matched sample of male to male CEO appointments. Their results indicate that female CEO appointments are followed by small insignificant negative reactions, whereas male CEO announcements are followed by economically and statistically significant negative reactions. Analysis of compensation data indicates that female CEOs receive more equity compensation than males, though this difference is statistically insignificant.

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