As China's capital market matures, any event that occurs in an enterprise may have an impact on the stock price of a listed company. When a company changes its executives, it usually brings different degrees of fluctuations in the company's stock price. Generally speaking, the background characteristics of the executive's education, age, and social relations will contain a certain amount of information, and according to relevant information, the stock price can be impacted. This study will use event analysis method which obtain a three-day period before and after the occurrence of executive change to study whether the background characteristics of the previous and next executives of the company's executive turnover affect the degree of stock price changes. This article focuses on companies listed on the China Growth Enterprises Market, because the volatility of such companies' stock price fluctuations for executives will be more significant.
Jiang, Yi and Yu, Xiaodan, "Market Reaction To Top Executive Turnover In China Growth Enterprises Market: Focus On Difference Of Executive Characteristics" (2019). WHICEB 2019 Proceedings. 74.