Arbeitspapier
Do contented customers make shareholders wealthy? Implications of intangibles for security pricing
We explore the relation between customer satisfaction and security returns. Firms with high customer satisfaction levels earn significant abnormal returns. This result is robust to variations of model specification and test methodology. Additional tests do not reveal evidence of systematic mispricing. Our results rather suggest that there are, consistent with the model of Eisfeldt and Papanikolaou (2013), sources of risk not covered by standard risk factors. We identify firm characteristics, such as the Hoberget al. (2014) product market fluidity measure, and macro variables, such as patenting activity and aggregate R&D spending, that are related to these sources of risk.
- Sprache
-
Englisch
- Erschienen in
-
Series: CFR Working Paper ; No. 20-12
- Klassifikation
-
Wirtschaft
Investment; Capital; Intangible Capital; Capacity
Asset Pricing; Trading Volume; Bond Interest Rates
Information and Market Efficiency; Event Studies; Insider Trading
Marketing
- Thema
-
Intangible Capital
Customer Satisfaction
Innovativity
ESG-Investing
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Theissen, Erik
Zimmermann, Lukas
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Cologne, Centre for Financial Research (CFR)
- (wo)
-
Cologne
- (wann)
-
2020
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Theissen, Erik
- Zimmermann, Lukas
- University of Cologne, Centre for Financial Research (CFR)
Entstanden
- 2020
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