According to recent research, investors determine their effective investment behavior by recognizing the facial emotions of chief executive officers (CEOs). Accordingly, the introduction of executive facial expressions as an influential factor in research in the field of finance is expected to provide investors with more comprehensive information and help them more accurately assess the future development and investment value of companies. Based on this background, this paper proposes a theoretical framework focusing on the relationship between negative emotions expressed by CEOs' facial emotions in roadshows and stock price volatility trends. By integrating the perspectives of different scholars, adopting diverse research methodologies, and collecting and quantifying data on CEOs' facial emotions in roadshow videos, as well as recording the price data of the company's stock in the week before and after the roadshow, this paper constructs an analytical model. The model can analyze and reveal the relationship between facial expressions and stock price volatility trends. Through an in-depth theoretical study of the relationship between CEO facial expressions and stock price volatility trends, this paper aims to provide investors, managers, and researchers with a deeper understanding of the financial markets so that they can better understand and respond to market volatility.
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Lu et al. (2024) studied this question.
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