1. The Impact of CEO-related Events on Price Returns Thanawan Chaiwatana Peerapat Khayim Brian Bunn Ned Baramov Georgi Ivanov

2. Agenda Objective Methodology Results Conclusion And Further Steps Q&A

3. Objective Examine the impact of CEO-related events on company returns Establish whether there are any visible trends Isolate and quantify the effect of these events on price performance

4. Methodology Data Collection Query the Dow Jones database Screen for events such as Retired, Fired, Died and Resigned Data Extraction Examine a 24-month window Segment the results for each event by MCAP

5. Methodology Contd. Filter Data Calculate Excess Returns Examine results on a quarterly cumulative basis Perform the same analysis on a month-by-month basis to focus in greater detail on notable trends

6. Three-month timeframe analysis -Results consistent with the expectations that Firing is good news and Retire & Resign are bad news -This seems to be the case for the first 3 months after the event and diminishes with time -Further analysis was necessary that focused on that timeframe. Results

7. Monthly Analysis – Aggregate Excess Returns Results (Continued)

8. Conclusion And Further Steps It is hard to base a trading strategy on our findings Analyze data in greater detail – i.e. day-to- day basis Regress the event variable along with other micro/macro factors to quantify the impact on returns Determine the significance of other factors – time CEO has been with the company, industry specifics, power structure of company etc.

9. Q & A