CEO casting call: Investor attention to corporate leadership appointments

Katarzyna Byrka-Kita, Mateusz Czerwiński, Stephen P. Ferris, Agnieszka Preś-Perepeczo and Tomasz Wiśniewski

Global Finance Journal, 2025, vol. 64, issue C

Abstract: In this study we explore the effect of investor attention on trading volume around announcements of CEO appointments. Using hand-collected data on CEO turnovers for publicly traded Polish firms during 2000–2016, we find that investors generally neglect announcements of CEO reappointments. But when we introduce behavioural-based trading strategies focused on momentum, we discover that trading volume reacts to announcements of these appointments. Further, we observe that investors respond most strongly to CEO reappointments that are accompanied by recent stock price increases. This study offers the first volume-based evidence supporting the moderating role of CEO appointment announcements on investor trading.

Keywords: Investor attention; Abnormal trading volume; Trading strategy; CEO appointment (search for similar items in EconPapers)
JEL-codes: G11 G40 M12 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:glofin:v:64:y:2025:i:c:s1044028325000109

DOI: 10.1016/j.gfj.2025.101083

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