leakyvalve

6 anni fadiscuss

Not speaking on behalf of rich ppl, just want to say imo there's a lot more than what can be easily acquired through money. A lot of things are so disgustingly hard to achieve no matter how rich you are and the kind of sensation they provide can never be purchased.

leakyvalve

7 anni fadiscuss

The design is interesting but the test itself is kinda pointless. Fama-French explains about 30% of stock return variation at best so by using stock performance as a measurement you are mostly testing signal (highly credited CEOs) against noise (residual returns).

Another thing is you have to specify your position on EMH here. If you believe the semi-strong form then everything about the CEO should be priced-in immediately after the announcement, which means it will not have a persistent impact on stock return when you slice and dice time periods.

IMO the CEO is just one input out of thousands that influence a stock's performance, which is implied by a lot of asset pricing studies already.

Also managing a public company is an unbelievably complicated job. You have to be one of the "best and the brightest" just to keep the boat bearly afloat sometimes.

leakyvalve

9 anni fadiscuss

Not if you compare one course to another.

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