This paper examines stock price reaction to CEO turnover over a one-year period. A sample of U.S. firms was selected that experienced a CEO departure during 2013. The stock price reactions to both the announcement of a CEO departure as well as the CEO departure are analyzed. In addition, a comparative analysis was completed on the different effects on a company's stock price whether the CEO turnover was forced (fired) or voluntary (resignation or stepping down). The findings of this research indicate that following both the announcement and departure of a CEO the company's stock price will appreciate. On average, 60 days following both the announcement and departure dates resulted in the highest percentage increase.
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