| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w17191
|
| 来源ID | Working Paper 17191
|
| Customer Capital |
| Francois Gourio; Leena Rudanko
|
| 发表日期 | 2011-07-08
|
| 出版年 | 2011
|
| 语种 | 英语
|
| 摘要 | Firms spend substantial resources on marketing and selling. Interpreting this as evidence of frictions in product markets, which require firms to spend resources on customer acquisition, this paper develops a search theoretic model of firm dynamics in frictional product markets. Introducing search frictions generates long-term customer relationships, rendering the customer base a state variable for firms, which is sluggish to adjust. This affects: the level and volatility of firm investment, sales, profits, value and markups, the timing of firm responses to shocks, and the relationship between investment and Tobin's q. We document support for these predictions in firm-level data from Compustat, using cross-industry variation in selling expenses to quantify differences in the degree of friction across markets. |
| 主题 | Microeconomics
; Economics of Information
; Behavioral Economics
; Macroeconomics
; Consumption and Investment
; Industrial Organization
; Market Structure and Firm Performance
|
| URL | https://www.nber.org/papers/w17191
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574866
|
推荐引用方式
GB/T 7714 |
Francois Gourio,Leena Rudanko. Customer Capital. 2011.
|
|
文件名：
|
w17191.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
