Perceptions and Price: Evidence from CEO Presentations at IPO Roadshows
Published: Jan 1, 2015
Abstract
This paper examines how investor perceptions of management influence 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' first impressions of a CEO's competence, trustworthiness, and attractiveness, is positively associated with an IPO firm's secondary market value, even...
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