Reaching for the stars: the appointment of celebrities to corporate boards |
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| Authors: | Stephen P Ferris Kenneth A Kim Takeshi Nishikawa Emre Unlu |
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| Institution: | (1) Trulaske College of Business, University of Missouri, Columbia, MO 65211, USA;(2) School of Business, Renmin University of China, Beijing, China;(3) The Business School, University of Colorado at Denver, Denver, CO 80217, USA;(4) College of Business Administration, University of Nebraska-Lincoln, Lincoln, NE 68588, USA |
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| Abstract: | For a sample of over 700 celebrity appointments to corporate boards of directors over the period 1985–2006, we find positive
excess market returns at the time of their announcement. The 1-, 2-, and 3-year long-run performance of the appointing firms
provide corroborating evidence of the value of these appointments. We conclude that the appointment of celebrities as directors
increase a firm’s visibility in a fashion consistent with Merton’s (J Finance 42:483–510, 1987) investor recognition hypothesis. |
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