The Brand Premium
研究发现，用累计广告支出衡量品牌价值有局限；基于Interbrand和文本指标，顶级品牌等权组合年超额收益达3%，且由内部开发品牌的公司驱动，分析师低估其未来盈利导致公告后超额收益。
Abstract We highlight the limitations of using cumulative advertising expenses as an input measure of brand value. Using two output measures—Interbrand’s data and a novel text-based measure—we find that an equal-weighted portfolio of top brands yields an annual abnormal return of 3%. The excess returns are driven by companies that develop their brands internally. Intangible factors proposed in the literature have no explanatory power for the premium. Analysts underestimate the future earnings of top brands, leading to significant excess returns following earnings announcements. We find no abnormal returns associated with the input measure of brand value.