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Customer Satisfaction and Stock Prices |
Claes Fornell, Sunil Mithas, Forrest Morgeson, M.S.Krishnan, LIU Jin-Lan, YU Ying, BAI Yin |
Tianjin University,Tianjin,China |
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Abstract The release of customer satisfaction news does not move stock prices,but it gives a strong long-term indirect effect.Companies with high levels of customer satisfaction tend to generate positive abnormal returns. The research showed that customer satisfaction,as measured by the American Customer Satisfaction Index(ACSI),is significantly related to market value of equity and that it is possible to construct a stock portfolio,based on customer satisfaction information,that outperforms the market by a considerable margin.
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Received: 30 August 2005
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