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

Author

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  • Fengmin Xu
  • Keyun Wang
  • Shihao Wang
  • Kui Jing

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.

Suggested Citation

  • Fengmin Xu & Keyun Wang & Shihao Wang & Kui Jing, 2026. "Data is power: the impact of data asset management on expected stock returns," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 33(2), pages 286-320, March.
    • Handle: RePEc:taf:raaexx:v:33:y:2026:i:2:p:286-320
    DOI: 10.1080/16081625.2025.2479505
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