Bibliographic record
Abstract
If investors confuse the quality of a firm with its attractiveness as an investment, shares of well-run companies will be bid up too high and subsequently produce negative abnormal returns. This analysis of Fortune9s annual surveys of “America9s Most Admired Companies” for 1983-1996 finds the opposite. After adjusting for size, book-to-market, and momentum effects, a portfolio of the most admired decile of firms earns a positive abnormal return of 2.5 percentage points in the year after the survey is published and 7.9 percentage points over three years. The least admired decile of firms earns a negative abnormal return of 7.6 percentage points in the nine months through the end of the year, approximately half of it reversed in the first quarter of the next year. The extent of these abnormal returns, and their persistence over five years, suggests that admired firms are underpriced. The timing of returns to least admired firms provides evidence of window-dressing.
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.003 | 0.021 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.002 | 0.002 |
| Science and technology studies | 0.002 | 0.006 |
| Scholarly communication | 0.006 | 0.006 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.003 | 0.002 |
| Insufficient payload (model declined to judge) | 0.010 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".