Author manuscript 2025 Working paper

Customer Capital and the Aggregate Effects of Short-Termism

Marco Errico, Alessandro Dario Lavia and Luigi Pollio

Errico, M. & Lavia, A. D. & Pollio, L., “Customer Capital and the Aggregate Effects of Short-Termism,” Working paper, August 2025 (2025).

Customer-base sentiment

The authors use NL Analytics to measure customer-related sentiment in earnings-call sentences about customers, clients, loyalty and similar terms. The authors aggregate positive and negative language into a firm-year CEO sentiment index and use it alongside markup and earnings-forecast data.

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