While aggregate earnings should affect aggregate stock returns, standard portfolio theory predicts that the cross-sectional dispersion in firm-level earnings would not affect aggregate stock returns. Nonetheless, this paper demonstrates a surprisingly robust relation between cross-sectional...

This paper studies the effects of capacity utilization on accounting profit margins and stock returns. Since accounting profit margins represent the average profit per unit and not the economists' concept of unit contribution margin, the marginal/variable profit per unit, a firm with idle...

Bereits Schumpeter (1934, 1942) beschreibt, wie technologischer Fortschritt die neuartige und wertschaffende Kombination von Ressourcen ermöglicht. Das dadurch entstehende Ungleichgewicht im Markt ermöglicht es Unternehmern, diese „Chancen“ zu verfolgen und neue Technologien in...

We examine the value relevance and reliability of brand assets recognized by 33 UK firms, and the stock price reaction to the announcement of brand capitalization. We find that brand assets are value relevant, i.e., associated with market values. However, the market capitalization rates of...

This research has investigated factors that affect the successful commercialization of intellectual capital. The concept of social constructs of meaning for the interview participants provides the fundamental perspective of this research. The research was undertaken on the basis of a...

Purpose € The purpose of this paper is to explore the degree to which intangible resources explain performance variation among firms.

This article examines business practices focused on knowledge and innovation and the relationship of these business practices with other key organisational variables in Canadian and US firms. The article is based on a 1996 study of 103 Fortune 500 and 151 Post 300 firms. The study was sponsored...

Attempts to identify information as an asset has led to an increasedawareness of the role of information in enhancing organisationalperformance. Central to this role is the identification of attributes ofinformation assets which include quality, utility, productivity,effectiveness and financial...

Purpose – The purpose of this paper is to determine the variables of brand equity measurement forGreek companies quoted in the Greek exchange stock market.Design/methodology/approach – The measurement of brand equity has been a hot issue both formarketing and financial practitioners....