Employee Satisfaction and Long-Run Stock Returns, 1984–2020
研究发现，1984至2020年间，善待员工的公司股票年超额回报达2%至2.7%，表明市场仍低估员工满意度。
Economic theory predicts that (in the absence of mispricing) the excess return to socially responsible businesses is negative in equilibrium. In contrast, using the state-of-art empirical models and a sample spanning four decades (1984–2020), an equal-weighted portfolio of companies that treat their employees the best earns an excess return of 2% to 2.7% per year. The estimated alphas are positive in most periods within the sample (with no upward or downward trend) and are particularly large during crisis periods. Overall, the results suggest that the stock market (still) undervalues employee satisfaction.