專題演講 主講人：顏汝芳教授 (台北大學統計學系)
題 目：From Appearance to Performance:The Role of CEO Facial Traits in Shaping Market Responses
主講人：顏汝芳教授 (台北大學統計學系)
時 間：112年12月15日(星期五)上午10:40-11:30
(上午10:20-10:40茶會於綜合一館428室舉行)
地 點：綜合一館427室
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摘要
Employing a novel machine learning approach, this study evaluates CEOs' perceived attractiveness from their photographs and investigates its impact on investor reactions within capital markets, including bank loan contracts and stock price informativenss. In the first study, we find that firms with more attractive CEOs benefit from lower loan spreads and fewer loan covenants. Moreover, we find evidence showing that CEO attractiveness positively correlates with firms’ analyst coverage. These findings highlight the significant impact of CEO facial impressions in reducing information asymmetry in the financial market, which is an essential determinant of loan contracting.
In the second study, we observe increased EDGAR attention surrounding earnings announcements for firms led by more attractive CEOs. During these critical financial reporting periods, a higher degree of CEO attractiveness correlates with intensified investor reactions to unexpected earnings news, which is more pronounced on days with high investor distraction. However, this influence of CEO attractiveness on stock informativeness is not sustained over an annual time-frame. These findings offer substantial evidence of a first-impression bias in investor behavior, highlighting the temporary but significant impact of CEO aesthetics on capital market dynamics.
