Perceptions and Price: Evidence from CEO Presentations at IPO Roadshows

  title={Perceptions and Price: Evidence from CEO Presentations at IPO Roadshows},
  author={Elizabeth Blankespoor and Bradley E. Hendricks and Gregory S. Miller},
  journal={Entrepreneurship \& Finance eJournal},
This paper examines the relation between cognitive perceptions of management and firm valuation. We develop a composite measure of investor perception using 30-second content-filtered 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 controls… 
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