Quality Awards and the Market Value of the Firm-Based on the Data from Chinese Stock Market

This paper investigates the impact of winning quality award on short-term and long-term stock prices in the mainland of China. Our results show that the award winners get significantly positive abnormal returns in the stock market at short run. The quality awards have a distinct stock price effect to large firms, and that the China Quality Award (CQA) winners get more abnormal returns than that of "Performance Excellence Model" (CEP) winners. However, we haven't found a statistically different market performance for awards winners by BHAR model in long-run.