【讲座时间】2024年12月17日
【讲座地点】会计学院106室
【讲座主题】The Value-Relevance of Short-window Fluctuations in Brand Perception
【嘉宾介绍】魏思静，克雷顿大学会计学副教授
Dr. Wei is an Associate Professor of Accounting and Union PacificResearch Fellow at Creighton University, which is located in Omaha, NE.Dr. Wei earned her Ph.D. in Accounting from the University of Maryland –College Park in May 2017. At Creighton, Dr. Weicurrently teaches undergraduate accounting and graduate MBA classes,including introduction of managerial accounting, internationalaccounting (both online and in person), and MBA accounting for managers(both online and in person).
Dr. Wei has a broad research interest in accounting andinterdisciplinary areas. Her research topics include voluntarydisclosure, information transparency, product market, Environmental,Social, and Governance (ESG) performance and disclosures, corporategovernance,stakeholders’ interests (i.e., consumers and employees), gender andethical issues, and textual analysis (MD&A of Annual Report,earnings conference calls, and ESG disclosures). To date, Dr. Wei haspublished 14 peer-reviewed articles, and five of them haveappeared in some premier journals, including The Accounting Review, Review of Accounting Studies, Journal of Business Ethics, and European Accounting Review.
【内容提要】
This study extends prior research on the value-relevance of brand valuesand brand indicators by examining whether investors also incorporatethe volatility of these measures into their stock valuations. We beginby defining brand value volatility as short-termfluctuations in brand perceptions and examining the industry, firm, andindividual-level determinants of these fluctuations. Our findingssuggest that firms experience greater volatility in consumer perceptionswhen they are smaller, invest less in marketing,face higher competition, and are more sensitive to changes in theirconsumer base and consumer behavior. In the main analysis, We findwefind that the volatility in brand perception weakens the positiverelationship between brand perception and stock prices,indicating that the market discounts more volatile brand perceptions.The volatility in brand perception is not associated with systematicallylower future payoffs to brand perception but is associated with morevolatile future sales and earnings, providinga plausible explanation for the investor discount. The investordiscount of more volatile brand perceptions is attributable to stocksowned by a higher proportion of institutional investors (particularly,transient institutional investors), who are most likelyto have access to and to trade on alternative data from which thevolatility in brand perception can be inferred in the absence of formalreporting requirements. In supplemental analysis of the debt market,volatility in brand perceptions weakens the negative(positive) association between brand perceptions and bond spreads(credit ratings), which indicates that debt market participantsincorporate and adjust for the volatility of brand perceptions in theirrisk assessments and pricing decisions. Our evidence providesimportant insights for developing a comprehensive reporting model forbrands and other intangible assets.
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