dc.contributor.author | Ondieki, Samuel | |
dc.date.accessioned | 2013-03-01T11:23:57Z | |
dc.date.issued | 2011 | |
dc.identifier.uri | http://erepository.uonbi.ac.ke:8080/xmlui/handle/123456789/13000 | |
dc.description.abstract | The aim of this research was to study the effect of Chief Executive Officer change
announcements on the stock returns at the Nairobi Stock.
Event study methodology was used in the research. Average Abnormal Returns were
computed around the CEO change announcement to find their statistical difference
from zero. Market model was used to drive expected return and t-statistic to test the
hypothesis.
There were 17 events between 2005 and 2009. Only 15 of these resulted in the CEO
change announcement in this study.
The research observed a statistically significant negative impact on the stock returns
at the date of announcement of CEO change; but this was wiped out by a statistically
significant positive return when looking at the prior to the CEO announcement. Stock
returns showed a significant adjustment to CEO change at the time of announcement.
From the findings, CEO change is treated by investors as bad news. The result of this
study found that NSE is in semi-strong form of efficiency.
This study contributes to the debate of market efficiency, particularly, in the Kenyan
context and provides ground for further research relating to CEO changes. | en |
dc.description.sponsorship | University of Nairobi | en |
dc.language.iso | en | en |
dc.title | The effects of chief executive officer in change announcements on the stock returns of firms listed at the Nairobi stock exchange | en |
dc.type | Thesis | en |
local.embargo.terms | 6 months | en |
local.embargo.lift | 2013-08-28T11:23:57Z | |
local.publisher | School of business | en |