We highlight the limitations of using cumulative advertising expenses as an input measure of brand value. Using two output measures—Interbrand’s data and a novel text-based measure—we find that an equal-weighted portfolio of top brands yields an annual abnormal return of 3%. The excess returns are driven by companies that develop their brands internally. Intangible factors proposed in the literature have no explanatory power for the premium. Analysts underestimate the future earnings of top brands, leading to significant excess returns following earnings announcements. We find no abnormal returns associated with the input measure of brand value. (JEL G4, G12, G14, M41)

中文翻译：

---

 品牌溢价


我们强调使用累积广告费用作为品牌价值输入衡量标准的局限性。使用两种产出衡量标准（Interbrand 的数据和一种新颖的基于文本的衡量标准），我们发现顶级品牌的等权重投资组合的年异常回报率为 3%。超额回报是由内部开发品牌的公司推动的。文献中提出的无形因素对溢价没有解释力。分析师低估了顶级品牌的未来收益，导致收益公布后出现大幅超额回报。我们发现没有与品牌价值输入衡量相关的异常回报。 (JEL G4、G12、G14、M41)