Perceptions and Price: Evidence from CEO Presentations at IPO Roadshows
Abstract
This paper examines the relation between cognitive perceptions of management and firm valuation. We develop a composite measure of investor perception using 30-second content-filtered video clips of initial public offering (IPO) roadshow presentations. We show that this measure, designed to capture viewers’ overall perceptions of a CEO, is positively associated with pricing at all stages of the IPO (proposed price, offer price, and end of first...
Paper Details
Title
Perceptions and Price: Evidence from CEO Presentations at IPO Roadshows
Published Date
Feb 20, 2017
Volume
55
Issue
2
Pages
275 - 327
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