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Study: Publicizing female CEO appointments comes with a cost

Alexia Elejalde-Ruiz writes, "Given the push for more women in the C-Suite, companies might wish to shout from the rooftops when they appoint a female CEO. 

But the more they shout, the more their share price might suffer, a new study finds - not necessarily because investors are biased, but because they think others are. 

That's how researchers are interpreting the somewat 'depressing findings' of a new study that examined whether companies that appoint women as CEOs suffer a 'market penalty,' as other studies have shown, said Ned Smith, co-author of the study and associate professor of management and organizations at Northwestern University's Kellogg School of Management. 

The researchers looked at 8,179 CEO appointments at more than 2,500 publicly traded companies from 2000 to 2014, and found that appointing a woman did not affect the market any differently than appointing a man - until they factored in how much media attention the appointment received the day it was announced." 


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