@article{THESIS,
      recid = {3703},
      author = {Yang, Tangtang},
      title = {Corporate Culture’s Impacts On Companies’ Asset Prices},
      publisher = {University of Chicago},
      school = {M.A.},
      address = {2022-06},
      number = {THESIS},
      abstract = {This paper explores the quantitative impacts that  corporate cultures have on US publicly-traded firms’ rate  of return on stocks. By studying companies contained in the  2019-launched MIT SMR/Glassdoor Culture 500 index, I employ  both the Carhart four-factor model and the Carhart  four-factor model with the Culture Factor, a self-generated  long-short strategy, to study the excess returns on asset  prices associated with differences in corporate cultures.  The analysis shows that there is no  statistically-significant difference in companies’ excess  returns on asset prices for those with the best (top 20%)  and the worst (bottom 20%) corporate cultures. In addition,  the inclusion of the additional risk factor (i.e., the  Culture Factor) fails to add explanatory powers to the  Carhart four-factor model. Therefore, according to this  analysis, company cultures do not offer additional  information on asset prices for investors, and they shall  not be major factors in investment decisions.  },
      url = {http://knowledge.uchicago.edu/record/3703},
      doi = {https://doi.org/10.6082/uchicago.3703},
}