Barron's Survey: The World's Best CEOs

Greg Filbeck, Raymond Gorman, Xin Zhao

Abstract


We examine the abnormal returns around the publication dates of the Barron World’s Best CEOs issues along with longer-term, risk-adjusted performance. One specific focus of the paper is whether the inclusion in the Barron’s survey leads to an increase in positive “affect” of the firms as suggested by Statman, Fisher, and Anginer (2008) in the case of Fortune’s most admired firms. In addition, we explore the effect of the listing on the compensation of CEOs included in the ranking. We find a negative share price response to the release of Barron’s list. The Best CEOs portfolio return is indistinguishable from the S & P 500 on a longer-term basis, and it underperformed against constructed matched samples, with no differences in risk adjusted returns. Profitability did not increase for selected firms in the post-announcement period and no patterns exist in terms of changes in CEO compensation are associated with the CEO’s inclusion in Barron’s list.


Full Text: PDF DOI: 10.5430/afr.v1n1p18

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution 3.0 License.

Accounting and Finance Research
ISSN 1927-5986 (Print)   ISSN 1927-5994 (Online)

Copyright © Sciedu Press

To make sure that you can receive messages from us, please add the 'Sciedu.ca' domain to your e-mail 'safe list'. If you do not receive e-mail in your 'inbox', check your 'bulk mail' or 'junk mail' folders.