The Marketing Capability Premium
研究了企业营销能力是否被反映在股票回报中，发现高营销能力能预测更好的未来经营业绩和股票回报，基于此构建的投资策略年均收益达5.16%。
Abstract Marketing capability refers to a firm’s ability to optimally deploy and integrate different marketing inputs to achieve high sales at low cost. This paper examines whether the value of marketing capability is incorporated into stock returns. High-level marketing capability predicts better future operating performance and stock returns. A marketing capability-based long-short portfolio strategy earns an average annual return of 5.16%, a substantial portion of which is earned over subsequent earnings announcements. The return predictability is stronger in stocks with higher valuation uncertainty and lower investor attention. Investors underreact to the value-relevant, but difficult to process, information embedded in marketing capability. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.