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The Information Content of Brand Attributes

Natalie Mizik

出版	SSRN, 2012
URL	http://books.google.com.hk/books?id=lJXJzgEACAAJ&hl=&source=gbs_api

註釋

We assess which brand asset metrics provide incremental information content to accounting performance measures in explaining stock return. Our analysis focuses on the five quot;pillars,quot; i.e., central brand attributes, that form the basis for the newly updated Young and Rubicam Brand Asset Valuator (Yamp;R BAV) model. Analysis shows that perceived brand Relevance and Energy provide incremental information to accounting measures in explaining stock return. Esteem and Knowledge do not, i.e., their effects are reflected in current-term accounting measures and in brand Relevance and Energy. We find that the financial markets do not view Differentiation as having incremental information content, when, in fact, they should. Changes in Differentiation are indicative of future-term accounting performance, which, in turn, affects stock return. These conclusions are invariant to the use of alternative accounting performance measures, risk adjustments, and to the inclusion of additional brand attributes into the analysis.