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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
The Incremental Effect of Satisfaction on Stock Price
Author(s): Adam Bozman, Danielle Xu, Carl Bozman
Citation: Adam Bozman, Danielle Xu, Carl Bozman, (2020) "The Incremental Effect of Satisfaction on Stock Price," Journal of Applied Business and Economics, Vol. 22, Iss.6, pp. 47-55
Article Type: Research paper
Publisher: North American Business Press
Abstract:
This study examines the effect of published customer satisfaction data on large cap stock prices. Event analysis is applied to ten years of firm specific consumer satisfaction and stock price information between 2010 and 2019. We find that fluctuations in consumer satisfaction cause stock prices to change in predictable patterns although they do not do so instantaneously. Positive increments in customer satisfaction increase stock prices and reduce stock price volatility. Negative shifts in consumer sentiment reduce stock prices and increase stock price volatility. The observed pricing effects reinforce the importance of customer satisfaction as a forward-looking business diagnostic.
