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| Tekijä: | Bergh, D. D. Gibbons, P. |
| Otsikko: | The stock market reaction to hiring of management consultants: a signalling theory approach |
| Lehti: | Journal of Management Studies
2011 : MAY, VOL. 48:3 p. 544-567 |
| Asiasana: | stock exchanges consultants profit profitability selection of personnel |
| Vapaa asiasana: | partnership |
| Kieli: | eng |
| Tiivistelmä: | Capitalizing on signalling theory, this study investigates how the stock market reacts to the public announcement of the hiring of management consultants and whether it diversely values clients based on their financial profitability and the brand-name of the consultant in question. An event study analysis of 118 client companies finds that the stock market responded positively and significantly. Regression analysis further indicates that the stock market reaction tended to be the highest for client companies that had the highest profitability levels. Furthermore, the stock market reaction to the hiring announcement wasn't related to the consultant's brand-name reputation. |
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