| Summary: | 碩士 === 國立中興大學 === 財務金融系所 === 102 === In recent years, the notion of intangible assets began popular, and people pay most attention on brands. It makes international institutions start to engage in brands valuation. The valuation reports that published each year catch people’s attention and may affect the reputation, the profitability, and the stock price performance of companies.
Our sample contain the stock price data of the companies that listed in two brand-valuation reports, Interbrand and BrandZ, which reports the top 100 brand companies around the world each year. We use our sample to form portfolios to study whether the difference of brand ranking will affect the portfolio returns. We find that under the companies listed in Interbarnd, whose reports is more famous and have longer report history, the portfolio formed by bottom ranking companies has higher returns. Under the companies listed in BrandZ, the portfolio formed by top ranking companies has higher returns. The results may derive from the different level of media attention.
Besides, for the importance of the intangible assets on company, we can say that luxury industry is the industry that the growth most dependent on brand value. We form luxury companies portfolio by four indicators. We find that its excess returns are significant and higher than other brand portfolios’ returns.
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