Corporate reputation and stock returns: empirical evidence from the US stock market

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dc.contributor Aalto University en
dc.contributor Aalto-yliopisto fi
dc.contributor.advisor Lof, Matthijs Rossi, Waltteri 2018-03-28T12:45:10Z 2018-03-28T12:45:10Z 2017
dc.description.abstract This paper studies the relationship between corporate reputation and long-run stock returns. Both equal- and value-weighted long-short portfolios formed of companies with the highest- and lowest reputations earned an annual five-factor alpha of 5.8% from 2009 to 2016. The results are robust to controlling for different weighting methods, asset pricing models and the removal of outliers. This paper provides evidence that the stock market does not fully value intangible assets. Furthermore, the results add to the existing description of the characteristics possessed by high-reputation companies – they are typically large and highly profitable growth companies with plenty of investment opportunities, that invest aggressively rather that conservatively. en
dc.format.extent 22
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.title Corporate reputation and stock returns: empirical evidence from the US stock market en
dc.type G1 Kandidaatintyö fi Kauppakorkeakoulu fi School of Business en
dc.contributor.department Rahoituksen laitos fi
dc.subject.keyword reputation en
dc.subject.keyword alpha en
dc.subject.keyword returns en
dc.subject.keyword equal-weighted en
dc.subject.keyword value-weighted en
dc.subject.keyword portfolio en
dc.subject.keyword monthly en
dc.subject.keyword stock en
dc.identifier.urn URN:NBN:fi:aalto-201803281894
dc.type.ontasot Bachelor's thesis en
dc.type.ontasot Kandidaatintyö fi
dc.programme Rahoitus fi

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