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The Pennsylvania State University Schreyer Honors College THE PENNSYLVANIA STATE UNIVERSITY SCHREYER HONORS COLLEGE DEPARTMENT OF FINANCE The Impact of Changes in Executive Leadership on Stock Performance AARON GLATTER SPRING 2021 A thesis submitted in partial fulfillment of the requirements for a baccalaureate degree in Finance with honors in Finance Reviewed and approved* by the following: Brian Davis Associate Clinical Professor of Finance Thesis Supervisor Jess Cornaggia Associate Professor of Finance Thesis Reader * Electronic approvals are on file. i ABSTRACT Selecting a new Chief Executive Officer (CEO) is a somewhat inevitable part of running a public company. When this new company leader is named, market sentiment may shift, and the company’s stock price may be affected. What the market looks for in a new CEO is largely based on individual investor predilections, the state of the company, and the available information about the CEO. This thesis dives into whether the market perceives newly named CEOs of information technology companies differently based on their backgrounds, specifically whether they were hired from inside or outside of the company and whether or not they attended an Ivy League university. ii TABLE OF CONTENTS LIST OF FIGURES .................................................................................................... iii LIST OF TABLES ....................................................................................................... iv ACKNOWLEDGEMENTS ......................................................................................... v Chapter 1 Literature Review ........................................................................................ 1 IPOs and CEO Human Capital ........................................................................................ 1 The Impact on a Stock’s Price from CEO Departure ...................................................... 3 Investors’ Interest in CEO Background ........................................................................... 4 Importance of Short-Term Market Performance ............................................................. 6 Chapter 2 Description of Data and Research Methodology ........................................ 8 Finding T0 ........................................................................................................................ 10 Factors Limiting the Collected Data ................................................................................ 14 The S&P 500 .................................................................................................................... 18 Chapter 3 Summary of Findings .................................................................................. 19 Ivy Educated versus Non-Ivy Educated ........................................................................... 19 Internal versus External Hire ........................................................................................... 21 Statistical Significance ..................................................................................................... 23 Errors and Adjustments.................................................................................................... 34 Chapter 4 Conclusion ................................................................................................... 37 Appendix A Raw Data ................................................................................................. 38 BIBLIOGRAPHY ........................................................................................................ 42 ACADEMIC VITA ...................................................................................................... 44 iii LIST OF FIGURES Figure 1: Example Tweet ......................................................................................................... 13 Figure 2: Degree From an Ivy League University - One Hour Data ....................................... 20 Figure 3: Degree From an Ivy League University - 24 Hour Data .......................................... 21 Figure 4: Internal or External Hire - One Hour Data ............................................................... 22 Figure 5: Internal or External Hire - 24 Hour Data ................................................................. 23 Figure 6: Normality Test - One Hour Benchmarked Data....................................................... 24 Figure 7: Normality Test - 24 Hour Benchmarked Data ......................................................... 25 Figure 8: Outlier Plot - One Hour Benchmarked Data ............................................................ 26 Figure 9: Outlier Plot - 24 Hour Benchmarked Data ............................................................... 27 Figure 10: Normality Test - One Hour Benchmarked Data After Transformation ................. 30 Figure 11: Normality Test - 24 Hour Benchmarked Data After Transformation .................... 31 Figure 12: Outlier Plot - 1 Hour Benchmarked Data After Transformation ........................... 32 Figure 13: Outlier Plot - 24 Hour Benchmarked Data After Transformation ......................... 32 Figure 14: Two-Way ANOVA - 1 Hour Benchmarked Data Transformed ............................ 33 Figure 15: Two-Way ANOVA - 24 Hour Benchmarked Data Transformed .......................... 34 iv LIST OF TABLES Table 1: Methods of Finding Company News ......................................................................... 12 Table 2: Information Technology Companies - Reasons for Ineligibility ............................... 16 Table 3: Degree From an Ivy League University Data ............................................................ 19 Table 4: Internal or External Hire Data ................................................................................... 22 Table 5: Johnson Transformation ............................................................................................ 28 Table 6: List of Tweets Used ................................................................................................... 38 Table 7: Stock Data at T1 and T24 ............................................................................................ 40 v ACKNOWLEDGEMENTS I would like to thank my family for their support, not only during the thesis process but throughout the entirety of my time at Penn State. I would not be where I am today without them. Thank you also to my friends for sticking by my side and providing me with moral support. Thank you to Professor Davis for his guidance and patience in the thesis process. I am incredibly lucky to have a supervisor with such a deep understanding of the financial world, as well as such significant experience in thesis writing. Working with Professor Davis has been a great pleasure. Thank you to Professor Cornaggia for being my thesis reader. The information and knowledge that I gained from his class have played a pivotal role in my financial education. I am honored that he agreed to be my reader, and I appreciate his flexibility and willingness to help me. Thank you to Lauren Reiter from the William and Joan Schreyer Business Library for her help with the research needed for my thesis. Thank you to the multiple PhD students from the Penn State Statistical Consulting Center who assisted me with the data evaluation and statistical analysis in my thesis. Thank you to everyone who has played a part in my education throughout the years, at Penn State, Upper Dublin High School, and everywhere else. I have encountered so many phenomenal professors, teachers, mentors, advisors, and others that have helped me be the student and person that I am today. Thank you to Penn State University and the Smeal College of Business. Thank you to the Schreyer Honors College and its staff for all of the unique opportunities that it has provided for vi me. It has been such a privilege to be a part of this amazing academic institution and community over the past four years. I will forever be grateful for my experience at Schreyer. 1 Chapter 1 Literature Review IPOs and CEO Human Capital This thesis focuses on newly hired and appointed CEOs. However, it should be considered that if the market does evaluate companies based on the backgrounds of their respective CEOs, then this would apply to CEOs of companies going through an IPO, and not just the CEOs that are being appointed to existing public companies. There is a body of research that suggests that venture capitalists do care about the background of CEOs of companies in which they invest (Chahine and Zhang 24). Dr. Salim Chahine and Dr. Yan Zhang performed a study that measures how companies handle their CEO situation prior to an IPO. Specifically, it notes that CEOs with a high level of “human capital” often stay in their role as CEO through the IPO; however, those with a low level of “human capital” tend to be replaced (Chahine and Zhang 9). The human capital of these CEOs was measured by a metric created in this study called the CEO Human Capital Index (Chahine and Zhang 9). This index is generated by using five different aspects of CEO human capital (Chahine and Zhang 9). If none of the aspects apply to the CEO, then their score is zero, if one of the aspects apply to the CEO, then their score is one, and so on (Chahine and Zhang 9). The five aspects are (Chahine and Zhang 9): 1. If the CEO has ever been a CEO before 2. If the CEO has any prior IPO experience as a sitting executive or director 3. If the CEO has experience working in a large, publicly-listed company (S&P 500 list, Fortune
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