Corporate Reputation and Stock Returns; are good firm good for investors?

Stephen Brammer, Chris Brooks and Stephen Pavelin ()
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Stephen Brammer: University of Bath
Stephen Pavelin: Economics - Business School - University of Reading

ICMA Centre Discussion Papers in Finance from Henley Business School, University of Reading

Abstract: This paper employs a unique dataset from the UK based on ten years of surveys of company directors and analysts conducted for Management Today to examine the relationship between a firm's reputation and the returns on its shares. We find that investors who purchase stocks with reputation scores that have risen significantly can make abnormal returns. Also, firms whose scores have fallen substantially still exhibit positive abnormal returns in both the short and long run when the market index is employed as a benchmark. However, when a more appropriate comparator is used, evidence of out-performance entirely disappears

Keywords: Management today; most admired firms; stock returns (search for similar items in EconPapers)
JEL-codes: G10 G14 M14 M20 (search for similar items in EconPapers)
Pages: 30 Pages
Date: 2006-07
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Published in Professional Investor October 2006, 21-25.

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