Good News, Bad news and CEO turnover

C. Morrill

Working Papers from Laval - Faculte des sciences de administration

Abstract: This paper presents evidence on the association among chief executive officer (CEO) turnover, discretionary accounting choice and investor evaluations of those accounting choices. This paper presents the results of an analysis of unexpected earnings and abnormal security returns. The results show that decreasing income following non-routine turnover is associated with positive abnormal returns, suggesting that, under certain conditions, "bad news" can be "good news".

Keywords: PROFIT; MANAGEMENT; INDUSTRY (search for similar items in EconPapers)
JEL-codes: M10 (search for similar items in EconPapers)
Pages: 23 pages
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:fth:lavadm:96-54

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