Hanson and Dhanuka (2015)

Hanson, Dan, and Rohan Dhanuka.  “The “Science” and “Art” of High Quality Investing.”  Journal of Applied Corporate Finance,  Spring 2015.  

From the Conclusion:  "[T]hose investors with a relatively short-term focus tend to undervalue intangible assets—the kind that don’t show up on corporate balance sheets, such as the payoffs from corporate R&D spending, advertising, and patent citations. History—in the form of consistently high returns by business value investors—has shown that investors (and managers) who take a long-term view have an opportunity to identify opportunities missed or underpriced by a world focused on a shorter time horizon. For this reason, we are encouraged that the developing area of ESG reporting will prove to be a useful tool for fundamental investors seeking a more robust assessment of quality. At the same time, we are confident that the “art” of high quality analysis will benefit from an expanded palette of data and, in so doing, reinforce the predictive power of the “science” of systematic analysis."

Link:  http://onlinelibrary.wiley.com/doi/10.1111/jacf.12120/abstract