Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.8/2323
Título: Do “The Best Companies to Work” have higher Stock returns?
Autor: Roque, Mariana Pereira
Orientador: Jorge, Maria João da Silva
Oliveira, Célia Patrício Valente
Palavras-chave: Valor da empresa
Satisfação no trabalho
Melhores empresas para trabalhar
Carhart
Modelo quatro-fatores
Valor da empresa; Satisfação no trabalho; Melhores empresas para trabalhar; Carhart; Modelo quatro-fatores
Data de Defesa: 3-Nov-2016
Resumo: Do “The Best Companies to Work” have Higher Stock Returns? The main purpose of this work is to prove the link between job satisfaction and the firm’s value. The «Best Companies to Work» list give us our measure for job satisfaction. The sample of this work is composed by firms listed in STOXX Europe 600 Index. We compared the monthly returns of a portfolio composed by firms present in the «Best Companies to Work» list with two other benchmark portfolios, using the four-factor model proposed by Carhart (1997), from January 2010 to December 2014. Our results show that the BCWE600 portfolio outperforms both benchmark portfolios. In other words, companies classified as Best Companies to Work generated 0.40%/month and 4.94%/year higher stock returns than their peers over the 2010-2014 period. Also, the market risk in portfolio BCWE600 is inferior compared to other portfolios. This work shows that firms with the most satisfied workers get better results, resulting in higher returns for it’s shareholders.
URI: http://hdl.handle.net/10400.8/2323
Designação: Master in Corporate Finance
Aparece nas colecções:Mestrado em Finanças Empresariais

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