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Perceptions and Price: Evidence from CEO Presentations at IPO Roadshows
Social Science Research Network
This paper examines the relation between cognitive perceptions of management and firm valuation. We develop a composite measure of investor perception using 30-second contentfiltered video clips of initial public offering (IPO) roadshow presentations. We show that this measure, designed to capture viewers' overall perceptions of a CEO, is positively associated with pricing at all stages of the IPO (proposed price, offer price and end of first day of trading). The result is robust to controlsdoi:10.2139/ssrn.2611756 fatcat:sxho2iasabch7oburckiibmbne