Data is power: the impact of data asset management on expected stock returns

Fengmin Xu, Keyun Wang, Shihao Wang and Kui Jing

Asia-Pacific Journal of Accounting & Economics, 2026, vol. 33, issue 2, 286-320

Abstract: This study analyzes whether data asset management influences stock returns in Chinese A-share firms. By utilizing textual analysis of annual reports, we create a measure of data asset management. Our findings show that firms with effective data asset management tend to have lower future excess returns. This negative relationship persists after controlling for voluntary disclosure, specific industries, annual report length, and economic states. We attribute this relationship to risk premiums rather than mispricing. Effective data asset management reduces firms’ exposure to data security and earnings downside risks. This research offers new insights into return predictability and strategic guidance for investors and firms.

Date: 2026
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/16081625.2025.2479505 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:raaexx:v:33:y:2026:i:2:p:286-320

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/raae20

DOI: 10.1080/16081625.2025.2479505

Access Statistics for this article

Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

More articles in Asia-Pacific Journal of Accounting & Economics from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().