Beauty is wealth: CEO attractiveness and firm value

This paper examines whether and how CEO attractiveness relates to firm value. We construct a Facial Attractiveness Index of 667 CEOs based on their facial geometry. More attractive CEOs are associated with better stock returns surrounding their job announcements and around earnings‐announcement news...

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Published in:The Financial review (Buffalo, N.Y.) N.Y.), 2020-11, Vol.55 (4), p.529-556
Main Authors: Halford, Joseph T., Hsu, Hung‐Chia S.
Format: Article
Language:English
Subjects:
beauty premium
CEO attractiveness
Chief executive officers
facial geometry
firm value
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description This paper examines whether and how CEO attractiveness relates to firm value. We construct a Facial Attractiveness Index of 667 CEOs based on their facial geometry. More attractive CEOs are associated with better stock returns surrounding their job announcements and around earnings‐announcement news with CEOs' images. Further, more attractive CEOs are related to higher acquirer returns following acquisition announcements and higher Tobin's Q. Finally, consistent with the existing literature documenting the beauty premium in pay, more attractive CEOs receive higher compensation.
doi_str_mv 10.1111/fire.12234
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source EBSCOhost Business Source Ultimate; Wiley-Blackwell Read & Publish Collection; EBSCO_EconLit with Full Text（美国经济学会全文数据库）
subjects beauty premium
CEO attractiveness
Chief executive officers
facial geometry
firm value
title Beauty is wealth: CEO attractiveness and firm value
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