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| Author: | O'Sullivan, D. Hutchinson, M.C. O'Connell, V. |
| Title: | Empirical evidence of the stock market's (mis)pricing of customer satisfaction |
| Journal: | International Journal of Research in Marketing
2009 : JUN, VOL. 26:2, p. 154-161 |
| Index terms: | stock markets company value pricing risk portfolio selection customers consumer satisfaction research methodology |
| Language: | eng |
| Abstract: | Recent portfolio studies provide conflicting evidence on whether the stock market (mis)prices the value of customer satisfaction (henceforth as: cust-satfn). This paper aims to elucidate these issues by re-examining two ACSI-based trading strategies (here as: trd-strs). Applying a methodology dealing with three interlinking issues, risk adjustment, abnormal returns estimation and portfolio aggregation, it is found that the trd-strs. don't provide compelling evidence of the market mis-pricing the value of cust-satfn. This study contributes to the debate by demonstrating the application of a framework within which the robustness of perceived anomalies can be assessed more fully. |
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