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| Tekijä: | Pigé, B. |
| Otsikko: | Le marché boursier réagit-il à l'annonce des changements de dirigeants |
| Lehti: | Finance
1997 : DEC, VOL.18:2, p.51-66 |
| Asiasana: | STOCK MARKETS MANAGEMENT SUCCESSION MANAGERS BOARD OF DIRECTORS FRANCE |
| Kieli: | fre |
| Tiivistelmä: | In the public firms, the shareholders'board, which represents the shareholders inside the firm, has to control the top managers. This control function contains the ability of hiring or dismissing the top managers, and among them the CEO. We studied the newspaper's information collected upon the CEO changes in the French public firms for the 1980-1990 period. The market reaction is confirmed by the use of an ARCH model. The cross test of abnormal returns indicates that the market appreciates the CEO change in performing firms. But if the firm is under-performing, the CEO change is a negative signal on the real situation of the firm. In that case, the market enjoys the hiring of an external CEO. |
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