Text
Customer Satisfaction and Stock Prices: High Returns, Low Risk
Do investments in customer satisfaction lead to excess returns? If so, are these associated with higher stock market risk? The emprical evidence presented in this article suggests that the answer to the first question is yes, but equally remarkable, the answer to the second question is no, suggesting that satisfied customer are economic assets with the high returns/ low risk. Although this results demonstrate stock market imperfections with respect to the time it takes for share prices to adjust, they are consistent with preview studies in marketing in that a firm's satisfied customer are likely to improve both the level and the stability of net cash flows. The implication, implausible as it may seem other context, is high return/low risk. Specifically, the author find that customer satisfaction, as measured by the American Customer Satisfaction Index (ACSI), is significantly related to market value of equity. Yes news about ACSI results does not move share prices. This apparent inconsistency is the catalyst for examining whether excess stock returns might be generated as a results. The authors present two stock portfolios: The first is a paper portfolio that is back tasted, and the second is an actual case. At low systematic risk, both out-perform the market by considerable margins. In the other words, it is possible to beat the market consistently by investing in firms that do well on the ACSI.
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| JM7001 | PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | Chicago, IL: American Marketing Association 2006 |
|---|---|
| Edisi | Vol. 70, No. 1, Jan., 2006 |
| Subjek | Customer Satisfaction High returns Low risk Higher stock market risk American Customer Satisfaction Index (ACSI) |
| ISBN/ISSN | 0022-2429 |
| Klasifikasi | NONE |
| Deskripsi Fisik | 12 p. |
| Info Detail Spesifik | Journal of Marketing |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas |