Stephen Brammer (University of Bath) Chris Brooks () (ICMA Centre, University of Reading) Stephen Pavelin () (Economics - Business School - University of Reading)
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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
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Find related papers by JEL classification: G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data) G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies M14 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - Corporate Culture; Social Responsibility M20 - Business Administration and Business Economics; Marketing; Accounting - - Business Economics - - - General