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Most Admired Companies: Admirable Performance

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  • Vichet Sum

Abstract

This paper shows that most admired companies generate admirable stock performance relative to the market. The current study analyses risk premiums and risk-adjusted excess returns of a portfolio of firms ranked as the most admired companies in the United States from 2006 to 2011. The results show that average risk premiums of an equal-weighted portfolio of most admired firms are economically superior than the market risk premiums from 2006 to 2011 (except 2010). For the 1-year holding period, the portfolio average risk-adjusted excess returns are all positive, but 2010, and some even statistically significant. The portfolio exhibits average positive risk-adjusted excess returns for the 3-year holding period intervals; the alphas are statistically significant for the 2006-2008 period.

Suggested Citation

  • Vichet Sum, 2012. "Most Admired Companies: Admirable Performance," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 2(6), pages 1-14.
    • Handle: RePEc:spt:apfiba:v:2:y:2012:i:6:f:2_6_14
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