JOURNAL OF FINANCIAL MARKET· IN PRESS· JULY 2016

名字值多少？一个讨喜的上市名称对公司价值的影响

作者：Xuejing Xing, Randy I. Anderson and Yan Hu

摘要：本文研究了股票名称的受喜爱程度和其清晰发音程度对公司价值的影响。研究所用的数据集具有独特性和完备性，包含了手动搜集的股票名称排名信息。实证结果表明，名称越受喜爱，股票的托宾Q值越大。股票名称的清晰发音程度对托宾Q值也有相似的作用，但影响程度较弱。进一步的研究证据表明，导致这种效应的主要原因可能是名称对股票流动性的影响，或对股票错误定价的影响，或两者兼而有之。

关键词：股票上市名称，托宾Q，错误定价，流动性

What's a name worth? The impact of a likeable stock ticker symbol on firm value

Xuejing Xing, Randy I. Anderson and Yan Hu

ABSTRACT

We investigate the impact of the likeability and pronounceability of stock ticker symbols on firm value. Using a unique, comprehensive dataset with hand-collected ratings of ticker symbols, we find that higher likeability of ticker symbols leads to higher Tobin's Q. The pronounceability of ticker symbols has a similar but weaker effect. Further evidence suggests that the effect is possibly due to the impact of ticker symbols on stock liquidity or mispricing or both.

Keywords: Ticker symbols; Tobin's Q; Mispricing; Liquidity

原文链接：

http://www.sciencedirect.com/science/article/pii/S1386418115300483

翻译：柳依依