Investment Merits of the World's Most Admired Firms

Autor:	Thomas M. Krueger, Greg Filbeck
Rok vydání:	2002
Předmět:	Market capitalization Finance business.industry Standard Industrial Classification Strategy and Management Market reaction Monetary economics Investment (macroeconomics) Test (assessment) Shareholder Management of Technology and Innovation Economics Matched sample business
Zdroj:	The Journal of Investing. 11:45-54
ISSN:	2168-8613 1068-0896
Popis:	One criterion for Fortune magazine9s selection of “the world9s most admired firms” is that these firms have the “guts” to “take risks so bold that they may cause shareholders to question their sanity.” The question posed in this article is whether investors would be sane to select these firms for their portfolios. The authors investigate the raw and risk-adjusted returns of the selected industry leaders over single- and multiple-year holding periods prior to and after the survey9s release, and test whether an announcement effect occurs around the public release of the survey. The results indicate that while these firms do outperform the S&P 500 over most time periods, their returns do not differ from a more appropriate matched sample, based on market capitalization and SIC codes. There is little evidence of a market reaction to the survey9s release.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::eba0b3d8b8769fb2d419ef89c4911227 https://doi.org/10.3905/joi.2002.319494 Zobrazit plný text záznamu