| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27707 |
| 来源ID | Working Paper 27707 |
| Measuring Customer Churn and Interconnectedness | |
| Scott R. Baker; Brian Baugh; Marco C. Sammon | |
| 发表日期 | 2020-08-17 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper demonstrates that it is possible to construct accurate pictures of firm revenue, growth, geographic dispersion, and customer base characteristics using an increasingly accessible class of consumer financial transaction data. We develop two new measures which characterize firms' customer bases: the rate of churn in a firm's customer base and a metric of the pairwise similarity between firms' customer bases. We show that these measures provide important insights into the behavior of both real firm decisions and firm asset prices. Rates of customer churn affect the level and volatility of firm-level investment, markups, and profits. Churn also affects how quickly firms respond to shocks in the value of their growth options (i.e. Tobin's~Q). Moreover, high churn firms tended to face steeper declines in consumer spending during the recent COVID-19 outbreak. Similarity between firms' customer bases highlights one under-explored type of predictability among stock returns -- we demonstrate that significant alpha can be generated using a trading strategy that exploits our index of customer base similarity across firms. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w27707 |
| 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/585379 |
| 推荐引用方式 GB/T 7714 | Scott R. Baker,Brian Baugh,Marco C. Sammon. Measuring Customer Churn and Interconnectedness. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27707.pdf（2392KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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