Right. But any of that future price movement that was predictable based on the known attributes of the CEO at the time will be priced into the initial move. If

Right. But any of that future price movement that was predictable based on the known attributes of the CEO at the time will be priced into the initial move. If it were not, then you would have a profitable trading strategy that say, went long Harvard CEOs and short Princeton CEOs (strictly a hypothetical example).