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Abstract

This paper analyzes the relationship between brand value and short and long-run stock performance. An equally-weighted portfolio of the American non-financial companies recognized by Interbrand as part of the 100 most valuable global brands earned an eleven-day cumulative abnormal returns (CARs) of 0.54% (17.79% annually) and a three-day CARS of 0.31% (37.97% annually) from 2001 through 2012. The four-factor monthly alpha averaged 1.1428% (13.7136% annually) over the risk-free rate and 1.3317% (15.9804% annually) over the S&P 500 index. Regression results show that the companies' brand values and capitalization were significant contributors to CARS. In addition, the average buy-and-hold return for a portfolio with annual rebalancing to include the recognized companies the preceding year was 15.29%. The annually rebalanced portfolio outperformed the industry average by 3.45% and the S&P 500 by 8.99%. All the above mentioned returns were significant at the 1% level. However, the data shows that consumer reaction to brand ranking is positive but not significant.

5. Summary and conclusion

We obtained the list of the 100 most valuable global brands from Interbrand for 2001 through 2012. Several companies estimate the value of brands and publish their findings. One such company is Interbrand which annually publishes a list of the 100 most valuable global brands. The list excludes some well-known brands such as Walmart, Disney, and Macy's because they are not global; their operation and sales are mostly regional. We analyzed the stock market reaction to the non-financial American brands that were recognized by Interbrand. To evaluate the immediate stock market reaction to the recognition of brands, we calculated the cumulative abnormal returns (CARs) for the analysis period, 2001 through 2012. The stocks in the sample earned eleven-day cumulative abnormal returns (CARs) of 0.54% (17.79% annually) and three-day CARs of 0.31% (37.97% annually) from 2001 through 2012. The CARs were significant at the 1% level. We furtherfound that the variable BRND_M, a measure of the contribution of brand value to market value above capitalization, is a statistically significant determinant of the abnormal returns. Robustness tests using the Carhart model confirms the results obtained from measuring the CARs. The four-factor monthly alpha averaged 1.1428% (13.7136% annually) over the risk-free rate and 1.3317% (15.9804% annually) over the S&P 500 index. The empirical results show that both our hypotheses are supported and significant.