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August 2004 Media Out of FocusThe media took a beating at a university conference in March. According to journalists and academics taking part in the discussions on the media and finance, it missed and misreported elements of the world's economic boom in the 1990s and also often ignored the darker side of corporate life in order to puff powerful and charismatic business leaders. Speaking of her emerging study of "CEO Superstars," Ulrike Malmendier, assistant professor of finance, suggested that the media was inclined to glorify many of the wrong people. In an analysis of various awards, cover stories, and kudos accorded by such financial magazines as BusinessWeek, Fortune, and Financial World, Malmendier found that companies led by superstar CEOs enjoyed a brief jump in stock price but saw share value dwindle two years out. An excited question interrupted Malmendier's presentation. "Do you mean to say that I should short stocks led by winners of these awards?" an audience member asked Malmendier. "Yes," she said, adding that her results are preliminary and that work continues. |
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