Research Seminar "How main street drives wall street:customer satisfaction, short sellers, stock returns, and risk"

2018-04-19 11:29:44

Seminar Announcement Anatoli

Dear students, faculty and staff,

Nazarbayev University Graduate School of Business invites you to Research Seminar


WHEN: Thursday, April 5, 12:30 – 13:30

WHERE: Block C3 (GSB/GSPP Building), 3rd floor, Room 3038

ABSTRACT: Link to the working paper:

While previous studies establish a direct link between marketing assets and firm value, research is unclear on the mediated nature of the link between consumer metrics that represent the “Main Street” and financial outcomes representing “Wall Street”. Accordingly, the authors examine the association of customer satisfaction and stock-market outcomes, as mediated by the trading behavior of a class of well-informed and skilled investors known as short sellers. Using quarterly data from 273 firms over a period of 2007–2014, the authors find that short interest—a measure of short seller activity— mediates the impact of customer satisfaction and dissatisfaction on stock-market outcomes. In addition, they show that customer satisfaction and dissatisfaction are more informative for short sellers in service firms, firms that operate in markets with higher demand instability, and firms that face lower competitive intensity. Thus, firm-level customer satisfaction is not equally informative for market participants. Finally, across the three moderators, customer dissatisfaction has a more pronounced effect on short selling compared to customer satisfaction. Overall, the results demonstrate the importance of considering changes in investor behavior while linking Main Street to Wall Street outcomes and contribute to the current debate surrounding value relevance of customer satisfaction.


Dr. Anatoli Colicev joined the Graduate School of Business at Nazarbayev University as Assistant Professor of Marketing in August, 2016. Anatoli’s research interests lie in the area of marketing-finance interface, social media marketing, big data analytics and supply chain management. His PhD dissertation entitled “Valuing Social media” investigated the benefit of social media for brands. He taught courses on Statistics, General Mathematics and Quantitative Methods at BSc, PhD and MBA level. He published in international refereed journals (including International Journal of Production Economics, Service Science). Anatoli has been a visiting scholar at Ozyegin University, Turkey, ESSEC Singapore, and Aalto University School of Business. Anatoli also works with companies helping them optimize their marketing expenditures, improve their data analytics and create state-of-the-art dashboards. Currently Anatoli is involved in academia-practice projects with YouGov Group (Silicon Valley) and Metro Group AG. In Kazakhstan, Anatoli works with Metro Group on the project that involves optimizing marketing expenditures and setting correct pricing strategies in the presence of macroeconomic shocks.