Can CEOs Change the Market Perception by Giving Interviews to the Media?

Ela Ostrovsky-Berman

Journal of Behavioral Finance, 2021, vol. 22, issue 1, 65-73

Abstract: This study examines market reactions to press coverage of public companies in general, and to media interviews given by CEOs in particular. Using a unique database, that includes press articles and interviews with CEOs of 378 S&P companies, I find that press coverage is followed by significant abnormal returns in the short term. Further, the reaction to negative news is slightly stronger than the reaction to positive news. Moreover, I show that interviews with CEOs increase abnormal returns. CEOs’ reputation has a positive effect particularly where negative news is commented on by very highly reputed CEOs.

Date: 2021
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DOI: 10.1080/15427560.2020.1716761

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