CEO Resignations and New and Relevant Information Conveyance: Evidence from the Hospitality Industry

Leonard A. Jackson
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Leonard A. Jackson: Cecil B. Day School of Hospitality Administration, J. Mack Robinson College of Business, Georgia State University, 35 Broad Street, Suite 214, Atlanta, GA 30303, USA

Tourism Economics, 2014, vol. 20, issue 3, 567-578

Abstract: Chief executive officer (CEO) resignations are of interest to shareholders. The market typically responds to such changes in relation to the gain or loss of human capital. This study investigates the issue of whether or not resignations of hospitality industry CEOs convey new and relevant information to the public markets. The study examines 32 resignations from 26 firms over a 12-year period and finds that CEO resignations from hospitality firms convey new and relevant information to the financial markets, albeit in a delayed manner. Findings also suggest information symmetry, indicating that investors can be confident that hospitality stocks are traded fairly in the capital markets.

Keywords: hospitality industry; CEO resignations; new and relevant information (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:sae:toueco:v:20:y:2014:i:3:p:567-578

DOI: 10.5367/te.2013.0288

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