This study seeks to determine the effect of changes in CEO or Corporate Board Chairman in the value of the firm by market reactions in the stock, as well as effects on transaction volumes. Also, if the announcement of a successor alter the effect of the change and whether the knowledge that the CEO or Corporate Board Chairman continues or leaves the firm, does alter these results. The analysis of the effect of the change of CEO or Corporate Board Chairman for the Chilean market, in general, shows satisfactory results that support the found in other economies, and it complement and update the results by Romero (2004) for Chile, although some exceptional cases, as the successor effect for the case of change of Corporate Board Chairman, satisfactory explanations for the local market were found. Furthermore, the inclusion of the study of volumes supplemented in valuable ways the results found in the study of returns.
González A., M., & Roca, Ángel. (2012). Effect of changes in CEOs and chairmen of the board of directors on the value of the firm for the Chilean market, 2001-2011 period. Estudios De Administración, 19(2), 69–112. https://doi.org/10.5354/0719-0816.2012.56387
