Marketing capability refers to a firm’s ability to optimally deploy and integrate different marketing inputs to achieve high sales at low cost. This paper examines whether the value of marketing capability is incorporated into stock returns. High-level marketing capability predicts better future operating performance and stock returns. A marketing capability-based long-short portfolio strategy earns an average annual return of 5.16%, a substantial portion of which is earned over subsequent earnings announcements. The return predictability is stronger in stocks with higher valuation uncertainty and lower investor attention. Investors underreact to the value-relevant, but difficult to process, information embedded in marketing capability.

中文翻译：

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营销能力溢价

营销能力是指企业优化部署和整合不同营销投入以实现低成本高销售额的能力。本文检验了营销能力的价值是否包含在股票收益中。高水平的营销能力可以预测更好的未来经营业绩和股票回报。基于营销能力的多空投资组合策略的平均年回报率为 5.16%，其中很大一部分来自随后的收益公告。在估值不确定性较高、投资者关注度较低的股票中，收益可预测性较强。投资者对嵌入营销能力的价值相关但难以处理的信息反应不足。