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首页> 外文会议>2008 China international conference in finance >Does the Stock Market Fully Value Intangibles? Employee Satisfaction and Equity Prices
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Does the Stock Market Fully Value Intangibles? Employee Satisfaction and Equity Prices

机译：股市是否完全价值无形资产？员工满意度和股票价格

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This paper analyzes the relationship between employee satisfaction and long-run stock performance. An annually rebalanced portfolio of Fortune magazines "Best Companies to Work For in America" earned 14% per year from 1998-2005, over double the market return. The portfolio also outperformed industry- and characteristics-matched benchmarks; controlling for risk, it yielded a four-factor alpha of 0.64%. These findings have three main implications. First, employee satisfaction may improve corporate performance rather than representing ineffi ciently excessive non-pecuniary compensation. Second, the stock market does not fully value intangibles, even when independently verified by a publicly available survey. This suggests that intangible investment generally may not be incorporated into short-term prices, providing support for managerial myopia theories. Third, socially responsible investing ("SRI") screens need not reduce investment returns.
机译：本文分析了员工满意度与长期业绩之间的关系。从1998年至2005年，《财富》杂志“美国最佳工作公司”的年度投资组合每年获得14％的收益，是市场回报率的两倍多。该产品组合还跑赢了行业和特性匹配的基准。控制风险，得出的四因子alpha为0.64％。这些发现具有三个主要含义。首先，员工满意度可能会提高公司绩效，而不是毫无效率地代表过多的非金钱报酬。其次，即使通过公开调查独立核实，股票市场也无法完全评估无形资产。这表明无形投资通常可能不会纳入短期价格中，从而为管理近视理论提供了支持。第三，对社会负责的投资（“ SRI”）屏幕不需要减少投资收益。

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