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North China Institute Of Science And Technology (10) - 2013/6/4 Download Maastricht University School of Business and Economics Master Thesis Customer Satisfaction, Investor Sentiment, and Stock Returns Customer Satisfaction as Protection against Sentimental Stock Prices Student: Markus Christian Steinmetz Student ID: 441600 Supervisor: Drs. Robert Merrin Co-Supervisor: Dr. Nikos Kalogeras Date: July 18, 2011 Abstract Dual process theory shows how rational reasoning and affect interact with each other. Analog, research in traditional finance assumes investor rationality as driver in stock valuation whereas behavioral finance incorporates emotions in stock valuation models. The dominance of one of these interacting ideas depends on firm characteristics. Riskiness is a driver sentimental stock pricing, therefore the thesis investigates the cross-sectional differences in sentiment-driven mispricing of stocks. It is argued that the valuation of companies with high customer satisfaction is less influenced by investor sentiment than low satisfaction ones, as these companies are safe investments and elicit positive affect. Findings show the assumed relationship, however, companies with medium satisfaction are found to have the least sentiment exposure. Furthermore, the thesis provides evidence that stocks in the service industry are more influenced by investor sentiment than stocks in the goods industry. Thus, managers are able to protect their company stock from sentiment-driven excess stock volatility by increasing customer satisfaction, however have to take industry structures into account. A portfolio study shows the relationship between customer satisfaction and stock returns in general. Theory predicts a positive relationship between the two variables as satisfaction is drives sales. This thesis shows that a portfolio compromised of top satisfaction companies outperforms the Dow Jones Industrial Average by 180% from 1997 to 2007. However, a portfolio of the bott