A Tale of Two Assets: The Effects of Firm Reputation and Celebrity on Earnings Surprises and Investors' Reactions
研究比较了企业声誉和知名度这两种无形资产对盈利意外发生概率及投资者反应的影响，发现高声誉企业更少出现正面意外，而知名企业更多出现正面意外，且两者在意外后均获得更大市场奖励或更小惩罚。
The effects of intangible assets on organizational outcomes remain poorly understood. We compare the effects of two intangible assets—firm reputation and celebrity—on (1) the likelihood that a firm announces a positive or negative earnings surprise, and (2) investors' reactions to these surprises. We find that firms that have accumulated high levels of reputation ("high-reputation" firms) are less likely, and firms that have achieved celebrity (celebrity firms) more likely to announce positive surprises than firms without these assets. Both high-reputation and celebrity firms experience greater market rewards for positive surprises and smaller market penalties for negative surprises than other firms.