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:
Does the Stock Market Fully Value Intangibles? Employee Satisfaction and Equity Prices
By Alex Edmans
September 2011

READ in SSRN
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