What's a Name Worth? The Impact of a Likeable Stock Ticker Symbol on Firm Value

We investigate the impact of the likeability and pronounceability of stock ticker symbols on firm value. Using a unique, comprehensive dataset with hand-collected ratings of ticker symbols, we find that higher likeability of ticker symbols leads to higher Tobin's Q. The pronounceability of ticker symbols has a similar but weaker effect. Further evidence suggests that the effect is possibly due to the impact of ticker symbols on stock liquidity or mispricing or both.