Aaker, David A; Jacobson, Robert.
     The financial information content of perceived quality.
   Journal of Marketing Research v31, n2 (May 1994):191-201.
     Pub type:  Studies; Experimental.

Abstract: A study investigates whether movement in a firm's stock price, that
     is, a measure of firm value, is associated with information contained in
     perceived quality measures.  In a model that also allows for the effect of
     economywide factors and a firm's return on investment, a positive
     relationship is found between stock return and changes in quality
     perceptions.  These results imply that the quality measure contains
     information, incremental to that reflected by current-term accounting
     measures, about future-term business performance.  It is suggested that
     managers should convey information to the stock market, such as the
     brand's quality image, useful in depicting the long-term prospects of the
     business.  By doing so, the stock market will rely less on short-term
     measures of business performance, and managers will be freer to undertake
     strategies necessary for ensuring the long-term viability of their firms.