Panel A calculates cumulative abnormal returns (CAR) to portfolios of the ‘‘100 Best Companies to Work For in America’’ in calendar time. The abnormalreturn of stock in event month t is calculated by subtracting its benchmark return t months after list inclusion. The CAR through month t is an arithmetic sumof the abnormal returns from months 1 through t. Panel B calculates the buy-and-hold returns (BHAR). It first geometrically compounds the unadjusted returnsof a Best Company from month 1–12, 13–24, etc. and then subtracts the geometrically compounded benchmark return over the same period. Panel C calculatesthe BHAR to companies that remain on the list for the following five years, winsorizing at the 5th and 95th percentiles. Panel D contains monthly regressions ofthe returns of Portfolios II and III on the four Carhart (1997) factors, MKT, HML, SMB, and MOM. Portfolio II is the original 1984 (1998) Best Companies list and isnot updated with subsequent lists. Portfolio III contains only companies dropped from a prior list. The alpha is the excess risk-adjusted return. t-Statistics are inparentheses. The sample period is April 1984–December 2009 for Panels A–C and given in the headings for Panel D.