摘要： This study investigates the investment performance of selected portfolios which focus on intangible assets, such as a firm’s reputation, employee relations, brand quality, and social ethics. Corporate social responsibility investment is also investigated using the KLD Research & Analytics database. The evidence indicates that the performance of portfolios based on multi-indicator intangible assets significantly outperforms those of single-indicator intangible assets and the benchmark index returns. It appears that investors underestimate the value of intangible assets and the importance of corporate governance, suggesting that investment performance could potentially be improved by raising awareness in the undervaluation of intangible assets.
