Statman and Anginer (2010)

Statman, Meir, and Deniz Anginer.  “Stocks of admired companies and spurned ones.”  SCU Leavey School of Business Research Paper No. 10-02, January 2010.

From the authors' abstract:  "We study Fortune magazine’s annual list of “America’s Most Admired Companies” and find that stocks of admired companies had lower returns, on average, than stocks of spurned companies from April 1983 through December 2007. Moreover, we find that increases in admiration were followed, on average, by lower returns. We also find that the dispersion of returns is high, especially in the spurned portfolio. This implies that investors who want to benefit from the return advantage of spurned stocks must diversify widely among them."