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008			241127b |||||||| |||| 00| 0 eng d
022			_a0312-8962
040			_aMSU _bEnglish _cMSU _erda
050	0	0	_aHD31 AUS
100	1		_aCheung, W Jane _eauthor
245	1	0	_aChief executive officer departures and market uncertainty _ccreated by W Jane Cheung and Andrew B Jackson
264	1		_aLos Angeles: _bSage, _c2013.
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
440			_aAustralian journal of management _vVolume 38, number 2
520	3		_aThis study investigates the effect on stock return volatility of a significant event in the life of a firm, a change in its Chief Executive Officer (CEO). Citing weaknesses in the prior literature, we bring a new approach to re-examine the issue. Firstly, we use a relatively unbiased classification system using both company announcements and media reports. Secondly, we use short-term stock return volatility as a more accurate estimator to isolate the effect of a single disclosure. We find strong evidence that the level of stock return volatility increases following announcements of CEO departures, and that the increase is significantly higher following announcements of forced departures compared to voluntary departures. The results are consistent with signalling effect theory in that forced dismissals convey previously unknown information to the market. Signed cumulative abnormal returns are also more negative for a forced CEO departure.
650			_aAbnormal returns _vChief Executive Officer _xStock return volatility
700	1		_aJackson, Andrew B _eco-author
856			_uhttps://doi.org/10.1177/0312896212450040
942			_2lcc _cJA
999			_c168410 _d168410