Beauty is wealth: CEO attractiveness and firm value

Joseph T. Halford · Hung-Chia Scott Hsu

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Corporate Finance and Governance Financial Markets and Investment Strategies Evolutionary Psychology and Human Behavior

Abstract

Abstract This paper examines whether and how CEO attractiveness relates to firm value. We construct a Facial Attractiveness Index of 667 CEOs based on their facial geometry. More attractive CEOs are associated with better stock returns surrounding their job announcements and around earnings‐announcement news with CEOs' images. Further, more attractive CEOs are related to higher acquirer returns following acquisition announcements and higher Tobin's Q. Finally, consistent with the existing literature documenting the beauty premium in pay, more attractive CEOs receive higher compensation.

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References

1951Coefficient Alpha and the Internal Structure of Tests 1997On Persistence in Mutual Fund Performance 1992The Cross-Section of Expected Stock Returns 2003Managing with Style: The Effect of Managers on Firm Policies 1957The Economics of Discrimination 2008Who makes acquisitions? CEO overconfidence and the market's reaction☆2012Are Overconfident CEOs Better Innovators?1972Status Characteristics and Social Interaction

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