Glassdoor's best places to work internationally: Are they best for shareholders?
研究了加拿大、法国、德国和英国入选Glassdoor最佳工作场所榜单的公司，发现加拿大公司在公告后5天内和长期内均有显著的超额收益。
Abstract In 2015, Glassdoor published its first international Best Places to Work list in the United Kingdom. Since then, Glassdoor has begun publishing 10 different Best Places to Work lists in 9 different countries. Glassdoor's Best Places to Work lists are unique in that rankings are solely based upon employee reviews and are not influenced by self‐nominations or a cost paid by a company. With 64 million unique visitors each month, these Glassdoor lists have the potential to impact investors. In this paper, we explore whether firms appearing on lists for Canada, France, Germany and the United Kingdom result in short‐term announcement effects or long‐term abnormal returns on a raw‐ and risk‐adjusted basis. We find that the Canadian sample earns statistically significant abnormal returns in the announcement window 5 days after the announcement date. In the long run, we find that the Canadian sample also outperforms its matched sample and local index on a risk‐based basis.