Recent studies show that investing in higher American Customer Satisfaction Index (ACSI) score firms perform significantly positive abnormal returns over time. Moreover, prior researches indicate that government intervenes such as monetary policy and market condition influence stock returns significantly. However, no previous studies examine the performance of firms with high customer satisfaction during different monetary stance and different market states. This paper investigates relation between stock market valuation of customer satisfaction and changes in monetary policy and further examines that relation under different market states. This paper finds that forming portfolio on the basis of satisfaction data has the potential to generate valuable excess returns. Furthermore, the evidence of this study shows higher ACSI portfolio performs significantly positive return under all monetary stance and market state over time. Especially, in bad macroeconomic conditions, higher ACSI portfolio consistently generates abnormal return in restrictive monetary stances and bear markets, showing that higher ACSI portfolios can persistent beat the market under different monetary policy and market conditions. The evidence of this study concludes that customer-based metrics are valuable information when forming portfolios.
| Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0625112-153825 |
| Date | 25 June 2012 |
| Creators | Chen, Yen-Chia |
| Contributors | Miao-Ling Chen, Chun-Hua Tang, Chi-Lu Peng, Chou-Wen Wang |
| Publisher | NSYSU |
| Source Sets | NSYSU Electronic Thesis and Dissertation Archive |
| Language | English |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0625112-153825 |
| Rights | user_define, Copyright information available at source archive |
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