El otro blog para cosas más serias

El otro blog para cosas más serias
El otro blog para cosas más serias

viernes, 23 de julio de 2010

¿quién ha podido decir esto aquí en España?

(XXXX) management is focused on ... employees to the detriment of shareholders. To me, why would I want to buy a stock like that? Un analista de bolsa
I happen to believe that in order to reward the shareholder in the long term, you have to please your customers and workers.”–El Consejero delegado
Edmans, Alex, Does the Stock Market Fully Value Intangibles? Employee Satisfaction and Equity Prices (June 26, 2010). Aquí
This paper finds that firms with high levels of employee satisfaction generate superior long-horizon returns, even when controlling for industries, factor risk or a broad set of observable characteristics. These findings imply that the market fails to incorporate intangible assets fully into stock valuations –even if the existence of such assets is verified by a widely respected and highly publicized survey on large companies. Instead, an intangible only aspects the stock price when it subsequently manifests in tangibles that are valued by the market, such as earnings announcements. This suggests that the non-incorporation of intangibles, documented by prior studies, is not simply due to the lack of salient information on them. It also provides empirical support for managerial myopia theories, which require the assumption that long-run investment is not valued by investors. Even if managers are able to credibly communicate the value of their intangible investment, it may still not affect outsiders’valuations, and so they may be reluctant to invest in the first place. A separate implication is that an socially responsible investing SRI screen based on employee welfare may improve investment performance, in contrast to existing views that any SRI screen necessarily reduces investor returns.

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