They do.
What you can stack:
1. As many normal damage cuts as you want (Joan, Raiko, Snow Raph, Perun, etc.)
2. One Reflect (AoE Reflect is really rare, but some Hime and Souls have them for self, such as Herc)
3. One Elemental Resistance, such as Awakened Gaia
(4. One Eidolon Elemental Resistance? I still don't have Kaisers, so I haven't tested that. Can you stack these on top of Hime-based Elemental Resistance?)
Stacking these to 100% or above will cause all damage to do 0 damage to you. However, this is different from "miss" damage, as 0 damage is enough to cause debuffs on you.