公司名聲對於公司未來發展是一項非常重要的指標，在現今投資市場中也是許多參與者參考投資的一項重要因素，市場投資者經常會以消息面公司面做為其投資策略之參考，市場投資人傾向於投資名聲較高的公司，對於名聲較差的公司市場投資人傾向於賣出，因此，在投資市場中公司名聲是極受投資人重是參考資訊之一。
本研究依未預期盈餘與公司名聲高低分不同投資組合，主要針對英國公司名聲與盈餘宣告後股價報酬率漂移關聯性做探討，並探討是否可形成有利之投資策略，亦探討盈餘宣告後股價報酬率漂移與多項變數之間的關聯性，包含未預期盈餘、公司異質訊息、帳面價值與市場價值之比率、每日動能、套利風險、預估盈餘分析師數目、公司市值。本研究主要針對2010-2013年Ｍanagement Today雜誌對英國公司名聲做評分的公司為樣本，藉由此研究，可更深入瞭解公司名聲與各項變數對盈餘宣告日前後股價報酬之影響，以提供市場投資人做決策參考。

Corporate reputation is an important issue for management. Prior research suggests that corporate reputation is a determinant in investment decisions, which effectively influences investors’ decisions on their future investment. In investment market, Investors tend to be enthusiastic about the stocks with high reputation and buy them up, and overreact to the stocks with low reputation in the recent past and oversell them. (Vergin and Qoronflen,1998)
This research aims to investigate the relationship between reputation and the post-earnings announcement drift in UK. Firstly, the post-earnings announcement drifts are drawn according to various earnings surprises and reputation-based portfolios. Secondly, regression models of post-earnings announcement drift are tested how reputation affects the drifts. What’s more, this research also adds other factors to find out the relationships between the factors and the post-earnings announcement drifts. Those factors includes earnings surprise, the interaction between reputation and earnings surprise, heterogeneous information, book value to market value, daily momentum, arbitrage risk, the analysis number before 90 days of earnings announcement date, the corporate size.

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