RA Conversations: The History of the Cross-Section of Stock Returns

Recorded March 13, 2019

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Surprise! High Employee Satisfaction = More Positive Earnings Surprises


ESG and SRI strategies filter companies on metrics that often measure intangibles. Alex Edmans finds that employee satisfaction does correlate with corporate outcomes, but the market is not yet adequately valuing this intangible.


Alex Edmans, PhD

Advisor, Research Affiliates
Professor, London Business School


Feifei Li, PhD, FRM

Partner, Head of Investment Strategy, Research Affiliates


Conversation based on:
By Alex Edmans
September 2011