Beauty is Wealth: CEO Appearance and Shareholder Value

Halford, Joseph T.; Hsu, Scott H. C.

doi:10.2139/ssrn.2357756

Cited by 36 publications

(44 citation statements)

References 61 publications

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“…For example, Cook and Mobbs (2016) suggest that CEOs with attractive faces could improve firm performance through increasing sales in certain industries. Halford and Hsu (2014) find that facial attractiveness is associated with higher announcement returns in mergers and acquisitions and around CEO appointments. Graham et al (2016) show that CEOs with attractive faces receive higher compensation.…”

Section: Personal Characteristics Personal Experience and Firm Perfmentioning

confidence: 85%

Athletes in boardrooms: Evidence from the world

Dong

Duan

Hou

et al. 2019

Journal of International Financial Markets, Institutions and Mo

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This study examines the relation between the athletic experience of board directors and corporate outcomes. We predict that athletes' attributes, such as physical fitness, mental resilience, leadership, and team-working skills, enhance their monitoring role. Using a large sample from 71 countries, we find that athletic experience is associated with better firm performance. The benefits are more pronounced when the experience is of team sports and confrontational sports, and for firms experiencing financial crisis. The results remain consistent when we instrument the athletic experience of directors with the number of Olympic medals won and Olympic sports participated in by the country in question at the previous Olympic Games.

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Section: Personal Characteristics Personal Experience and Firm Perfmentioning

confidence: 85%

Athletes in boardrooms: Evidence from the world

Dong

Duan

Hou

et al. 2019

Journal of International Financial Markets, Institutions and Mo

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show abstract

“…Further, we retrieved the total number of professional matches played prior to the season 2011/2012 for all players that were included in the survey. In addition, based on Halford and Hsu (2013), who looked at CEOs' beauty, we estimated facial attractiveness for all players that were included in the survey.…”

Section: Sample and Data Collectionmentioning

confidence: 99%

“…The software allows the computation of an index based on facial geometry (values between 1 and 10) ignoring criteria such as eye or skin color and complexion. In line with Halford and Hsu (2013) we note that Anaface.com's ''specific algorithm is proprietary, but we take into account many factors from neoclassical beauty [and] modern research papers […]. Examples include things such as comparing innerocular distance to mouth width and nose width to face height'' (see www.anaface.com).…”

Section: Independent Variablesmentioning

confidence: 99%

“…1). Key parameters are: horizontal symmetry, ratio of nose to ear length, ratio of nose width to face width, ratio of mouth width to nose width, ratio of face width to face height, or ratio of eye width in comparison to innerocular distance (Halford and Hsu 2013). There is a significant advantage in using football players: we were able to upload photos with sufficient resolution and with a face looking directly at the camera.…”

Section: Independent Variablesmentioning

confidence: 99%

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The importance of key celebrity characteristics for customer segmentation by age and gender: Does beauty matter in professional football?

2015

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This paper examines through the lens of sport whether male and female customers as well as differently aged customers focus on different celebrity characteristics and whether they are influenced by celebrities' facial attractiveness. Drawing on psychological and sociological theories like attachment theory, social role theory of gender, or social norm theory as well as on the academic literature on celebrity endorsement in general, we develop several hypotheses regarding how a fan's age and gender affect the importance of key characteristics of football starsnamely experience, personality, exemplary behavior, and skills. Using a proprietary dataset that combines archival data concerning professional football players and clubs with survey data of more than 2100 football fans, we find evidence that female fans attach more importance to a player's personality and behavior while male fans seem to focus on experience and skills. We further find that when fans get older, the importance of a player's behavior and experience increases. Moreover, our results show that the facial attractiveness of players clearly influences fan perceptions. Our results contribute to existing research on customer segmentation by providing a & Daniel Hoegele more differentiated picture of the effects of key celebrity characteristics on different customers.

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“…However, even in a corporate context, there is some evidence that beauty plays a role: beauty is reflected in a corresponding premium in a top manager's remuneration (Hammermesh and Biddle, 1994;Graham et al, 2017), and the share price returns to news announcements made by CEOs with high facial attractiveness are higher (Halford and Hsu, 2014).…”

Section: Introductionmentioning

confidence: 99%

Beauty and appearance in corporate director elections

Geiler

Renneboog²,

Zhao³

2018

Journal of International Financial Markets, Institutions and Mo

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We study the role of facial appearance in corporate director (re-)elections by means of director photographs published in annual reports. We find that shareholders use inferences from facial appearance in corporate elections, as a better (higher rated) appearance measure of a director reduces voting dissent.These heuristics are based on perceived competence, trustworthiness, likability, and intelligence, but not on physical beauty. The results are valid for director re-elections but not for first appointment elections as in the latter cases, shareholders may not as yet be familiar with a director's looks. In firms with few institutional shareholders and more retail investors owning small equity stakes, the latter tend to rely more on facial appearance than institutional shareholders, presumably as institutions conduct more research on the director's background and performance, and consequently rely less on facial appearance.While female directors generally experience lower voting dissent, their facial appearance does not affect their elections results. JEL Classification: G34, G39, G41

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Beauty is Wealth: CEO Appearance and Shareholder Value

Cited by 36 publications

References 61 publications

Athletes in boardrooms: Evidence from the world

Athletes in boardrooms: Evidence from the world

The importance of key celebrity characteristics for customer segmentation by age and gender: Does beauty matter in professional football?

Beauty and appearance in corporate director elections

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