Topic
Stock (geology)
About: Stock (geology) is a research topic. Over the lifetime, 31009 publications have been published within this topic receiving 783542 citations.
Papers published on a yearly basis
Papers
More filters
Posted Content•
TL;DR: In this article, the authors investigated the impact of customer satisfaction on the risk of stock returns and found that investments in customer satisfaction insulate a firm's stock returns from market movements and lower the volatility of its stock returns (overall and downside idiosyncratic risk).
Abstract: Over the last decade, a number of studies have argued that customer satisfaction has high relevance for financial markets because it has a significant impact on stock returns. Little attention, however, is directed at understanding the impact of customer satisfaction on the risk of stock returns. Literature in finance suggests that investors that judge performance only in terms of returns will place more resources than warranted in risky opportunities, forgo profitable opportunities, and apply misguided performance evaluations. Accordingly, this study develops, tests, and finds empirical support for the hypotheses that positive change (i.e., improvement) in customer satisfaction result in negative changes (i.e., reduction) in overall and downside systematic and idiosyncratic risk. Using a panel data sample of publicly traded US firms and satisfaction data from the American Customer Satisfaction Index (ACSI), the study demonstrates that investments in customer satisfaction insulate a firm's stock returns from market movements (overall and downside systematic risk) and lower the volatility of its stock returns (overall and downside idiosyncratic risk). The results are robust to alternative measures of risk, model specifications, and concerns related to sample composition criteria raised in some recent studies. The results, therefore, indicate that customer satisfaction is a metric that provides valuable information to financial markets. The robust impact of customer satisfaction on stock returns risk, therefore, suggests that it might be useful for firms to disclose their customer satisfaction scores in their annual report to shareholders.
222 citations
TL;DR: In this article, the authors investigated the impact of crude oil shocks and China's economic policy uncertainty on stock returns at different locations on the return distributions, based on monthly data from 1995:1 to 2016:3.
222 citations
TL;DR: The authors empirically analyzes the dynamic relationship between Renminbi (RMB) real effective exchange rate and stock price with VAR and multivariate generalized autoregressive conditional heteroskedasticity (GARCH) models using monthly data from January 1991 to June 2009.
222 citations
TL;DR: This paper found that the informational efficiency of corporate bond prices is similar to that of the underlying stocks, and that stocks do not lead bonds in reflecting firm-specific information, even at short return horizons.
Abstract: Using a unique dataset based on daily and hourly high-yield bond transaction prices, we find the informational efficiency of corporate bond prices is similar to that of the underlying stocks. We find that stocks do not lead bonds in reflecting firm-specific information. We further examine price behavior around earnings news and find that information is quickly incorporated into both bond and stock prices, even at short return horizons. Finally, we find that measures of market quality are no poorer for the bonds in our sample than for the underlying stocks.
222 citations
TL;DR: The authors found that both past market returns as well as past portfolio returns affect trading activity of individual investors (as measured by stock portfolio turnover, the number of stock transactions, and the propensity to trade stocks in a given month) and argued that the only explanations for their findings are overconfidence theories based on biased selfattribution and differences of opinion explanations for high levels of trading activity.
222 citations