She'-E-Os: Gender Effects and Stock Price Reactions to the Announcements of Top Executive Appointments

26 Pages Posted: 22 Jul 2003

See all articles by Peggy M. Lee

Peggy M. Lee

Arizona State University (ASU) - Management Department

Erika Hayes James

University of Virginia - Darden School of Business

Date Written: 2003

Abstract

Recently, we have seen an increase in the number of female executives. Little has been done, however, to assess how investors perceive women leaders. This study uses the market-signaling and diversity literatures to link announcements of appointments of top executives with shareholder reactions, highlighting possible gender effects. Results show that shareholder reactions to appointments of female CEOs are significantly more negative than reactions to appointments of male CEOs. Moreover, women are more positively viewed if they have been promoted from within a firm.

Keywords: Market Signaling, Gender, TMT, Executives, Event Study, Diversity

Suggested Citation

Lee, Peggy M. and James, Erika Hayes, She'-E-Os: Gender Effects and Stock Price Reactions to the Announcements of Top Executive Appointments (2003). Darden Business School Working Paper No. 02-11. Available at SSRN: https://ssrn.com/abstract=427083 or http://dx.doi.org/10.2139/ssrn.427083

Peggy M. Lee (Contact Author)

Arizona State University (ASU) - Management Department ( email )

Tempe, AZ 85287-4006
United States

Erika Hayes James

University of Virginia - Darden School of Business ( email )

P.O. Box 6550
Charlottesville, VA 22906-6550
United States
434-924-4796 (Phone)
434-924-0714 (Fax)

HOME PAGE: http://www.darden.virginia.edu/faculty/james.htm

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