The purpose of this paper is to investigate whether there are information leaks immediately before CEOs change and – if so – whether some investors take financial advantage of such prior knowledge. It thirdly investigates the ethical, practical and professional options for communication managers to deal with such situations.,Working from sentiment theory of financial markets, the authors studied Internet search patterns for incoming CEO names and stock market movements immediately prior to the public mention or speculation of CEO change.,The authors find that in nearly a quarter of CEO changes at Fortune 500 companies, the name of the future CEO seems to have been leaked. Additionally, nearly half of those companies also experience extreme, otherwise unexplainable movements in the stock market.,This paper discovers the prevalence of extreme stock market movements for a company when the name of that company's next CEO has likely been leaked. Such leaks are an opportunity for unscrupulous investors, but they create ethical dilemmas for organizations. Communication managers typically respond by organizing tighter governance. However, to keep up with the speed of information and investments traveling through algorithms, organizing radical transparency could become an alternative instead.

中文翻译：

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更换首席执行官之前信息泄漏：财务收益和道德成本

本文的目的是调查在CEO变更之前是否存在信息泄露；如果是，则是-一些投资者是否利用这种先验知识获得财务利益。第三，研究了沟通管理者应对这种情况的道德，实用和专业选择。作者基于金融市场的情绪理论，研究了公众搜索或猜测之前紧接互联网搜索模式的首席执行官姓名和股票市场动向。作者发现，在《财富》 500强公司中将近四分之一的首席执行官变更中，未来首席执行官的名字似乎已经被泄露。此外，这些公司中有将近一半还经历着极端的，无法解释的股市波动。当公司的下一任首席执行官的姓名可能被泄露时，本文发现该公司的极端股票市场动荡普遍存在。这样的泄漏对于不道德的投资者来说是一个机会，但是它们为组织带来了道德困境。沟通经理通常通过组织更严格的治理来做出回应。但是，为了跟上信息和投资通过算法的速度，组织彻底的透明性可能会成为替代方案。