کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
880460 | 1471453 | 2009 | 8 صفحه PDF | دانلود رایگان |
Recent portfolio studies provide conflicting evidence on whether the stock market (mis)prices the value of customer satisfaction, as measured by the American Customer Satisfaction Index (ACSI), and whether ACSI-based trading strategies provide market-beating returns. The current research aims to shed new light on these issues. We reexamine two ACSI-based trading strategies considered in prior research. Applying a methodology that deals with three interlinking issues, risk adjustment, abnormal returns estimation and portfolio aggregation, we find that the trading strategies do not provide compelling evidence that the market mis-prices the value of customer satisfaction. Our study contributes to the current debate on the (mis)pricing of customer satisfaction by demonstrating the application of a framework within which the robustness of observed anomalies can be more fully assessed.
Journal: International Journal of Research in Marketing - Volume 26, Issue 2, June 2009, Pages 154–161