JOURNAL OF FINANCIAL MARKET· IN PRESS· JULY 2016

名字值多少？一個讨喜的上市名稱對公司價值的影響

作者：Xuejing Xing, Randy I. Anderson and Yan Hu

摘要：本文研究了股票名稱的受喜愛程度和其清晰發音程度對公司價值的影響。研究所用的數據集具有獨特性和完備性，包含了手動搜集的股票名稱排名信息。實證結果表明，名稱越受喜愛，股票的托賓Q值越大。股票名稱的清晰發音程度對托賓Q值也有相似的作用，但影響程度較弱。進一步的研究證據表明，導緻這種效應的主要原因可能是名稱對股票流動性的影響，或對股票錯誤定價的影響，或兩者兼而有之。

關鍵詞：股票上市名稱，托賓Q，錯誤定價，流動性

What's a name worth? The impact of a likeable stock ticker symbol on firm value

Xuejing Xing, Randy I. Anderson and Yan Hu

ABSTRACT

We investigate the impact of the likeability and pronounceability of stock ticker symbols on firm value. Using a unique, comprehensive dataset with hand-collected ratings of ticker symbols, we find that higher likeability of ticker symbols leads to higher Tobin's Q. The pronounceability of ticker symbols has a similar but weaker effect. Further evidence suggests that the effect is possibly due to the impact of ticker symbols on stock liquidity or mispricing or both.

Keywords: Ticker symbols; Tobin's Q; Mispricing; Liquidity

原文鍊接：

http://www.sciencedirect.com/science/article/pii/S1386418115300483

翻譯：柳依依