E-Finance Lab Team

2009

Skiera, B; Wiesel, T; Schulze, C

Customer-based Firm Valuation

In: Campus for Finance - Research Conference; Vallendar, Germany (awarded "Best Paper", 3rd price)

Category: Proceedings [Find it]

Abstract

We develop a model for firms with contractual customer relationships to link customer metrics (such as customer cash flow, number of customers, and customer retention) to customer equity and shareholder value. This model allows us to calculate a firm's shareholder value and to evaluate the effect of changes in customer metrics on shareholder value. Our empirical studies, our analytical solutions and our simulation study show that customer retention has by far the greatest impact on shareholder value. Furthermore, we propose a ratio of customer equity to shareholder value to identify firms in which changes in customer metrics have a particularly large impact on shareholder value. Our findings allow researchers and managers who analyze the impact of marketing investments on customer metrics to assess their results in terms of shareholder value and to evaluate firms by using customer metrics.

Reference No.: 2009-1225

Berger, S; Gensler, S; Skiera, B; Wiesel, T

Customer Relationship Management Processes in Retail Banking - Best Practice and Business Value Evaluation

In: Proceedings of 42nd Hawaii International Conference on System Sciences (HICSS); Big Island, Hawaii, USA

Category: Proceedings [Protected Download] Password protected due to former publication, please contact the author [Find it]

Password protected due to former publication, please contact the author

Abstract

A competitive implementation of customer relationship management (CRM) in retail banking requires business processes aligned to the value contribution. The objective of this paper is to derive a reference process on macro-level from industry best practice and validate its applicability in a survey. Furthermore, we introduce a new method for evaluating existing business process implementations with respect to the business value, as measured by the value of the customer base as relevant overall key performance measure. Comparing the individual company process and the reference process, in-house and external experts can evaluate the gaps by using the decision calculus method. This allows a clear recommendation on the prioritization of potential process modifications and quantifies their effect in terms of business value.

Reference No.: 2009-1036

2008

Wiesel, T; Skiera, B; Villanueva, J

Customer Equity – An Integral Part of Financial Reporting

In: Journal of Marketing 72(2):1-14

Category: Publications in scientific journals

Abstract

Recent initiatives demand information that supplements and complements a firm’s financial statements to bridge the gap between financial statement capabilities and financial reporting objectives. Such information assists investors’ decision making by explaining the main trends and factors that underlie the development, performance, and position of the firm’s business. Firms that aim to increase the value of their customer base should report forwardlooking customer metrics, because such reports align customer management with corporate goals and investors’ perspectives. The authors propose a means to report customer equity that enables investors (as the “consumers” of financial reports) to monitor firms’ performance with respect to their customer assets. Furthermore, they develop a specific model for Netflix.com and apply it to quarterly data from September 2001 to September 2006.

Reference No.: 2008-494

2007

Wiesel, T; Skiera, B

Unternehmensbewertung auf der Basis von Kundenlebenswerten

In: Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung, 59 (September)

Category: Publications in scientific journals [Find it]

Abstract

Der Beitrag stellt ein Modell zur Bewertung von Unternehmen auf der Basis von Kundenlebenswerten vor, das sich vor allem für Unternehmen mit vertraglichen Kundenbeziehungen eignet. Die wesentliche Idee des Modells besteht darin, den Wert der Kundenbasis durch Addieren der diskontierten Kundenlebenswerte aller gegenwärtigen und zukünftigen Kunden zu ermitteln und darauf aufbauend den Wert des Unternehmens zu errechnen. Das Modell verbindet damit den Wert der Kundenbasis als einen Hauptfokus von Marketingaktivitäten mit dem Unternehmenswert als eine Messgröße des finanziellen Erfolgs eines Unternehmens. Es ermöglicht zudem die Auswirkungen von Veränderungen von Kundenkenngrößen auf den Wert der Kundenbasis und den Unternehmenswert zu ermitteln. In zwei Anwendungen werden die Anwendbarkeit und die Sensitivität der Ergebnisse analysiert sowie Möglichkeiten zur Gewinnung der benötigten Daten und der Kalibrierung des Modells dargestellt.

Reference No.: 2007-94

2006

Wiesel, T

Kundenkenngrößen und Unternehmenswert

Category: Dissertation thesis [Find it]

Abstract

Die Dissertation verfolgt zwei Ziele: (1) Detaillierte Analyse der Zusammenhänge zwischen Kundenkenngrößen, Erfolgsmaßen des wertbasierten Kundenmanagements und insbesondere dem Unternehmenswert, (2) Entwicklung eines Ansatzes zur externen Berichterstattung der Kundenkenngrößen sowie Erfolgsmaße des wertbasierten Kundenmanagements, der die Kriterien der Finanzberichterstattung erfüllt.

Reference No.: 2006-478

2005

Wiesel, T; Skiera, B

Linking Customer Metrics to Shareholder Value for Firms with Contractual Relationships

In: ISBM Working Paper; Penn State University

Category: Miscellaneous

Reference No.: 2005-295

Skiera, B; Wiesel, T

Linking Customer Metrics to Shareholder Value

In: EFL Quarterly

Category: Other publications

Reference No.: 2005-294

Wiesel, T; Skiera, B

Wandel in der Unternehmensbewertung

In: rer. pol.; Frankfurt

Category: Other publications [Find it]

Reference No.: 2005-293

Skiera, B; Wiesel, T; Pfaff, D

Wertorientierte Kundenanalyse innerhalb der Financial Supply Chain

In: Verein für Credit Management (Hrsg.), “Die Optimierung der Performance im Credit Management”; Heidelberg

Category: Chapter in book [Find it]

Reference No.: 2005-290

Wiesel, T; Skiera, B; Villanueva, J

Decomposition of Changes in Customer Equity over Time

In: Working Paper

Category: Miscellaneous

Reference No.: 2005-144

Wiesel, T; Skiera, B

Impact of Marketing Value Driver on Shareholder Value

In: EMAC Conference '05; Milan, Italy

Category: Proceedings

Reference No.: 2005-151

2004

Wiesel, T; Skiera, B

A New Model for Enterprise Valuation by Using Customer Values

In: EMAC Conference 2004 in Murcia, Spain

Category: Proceedings

Reference No.: 2004-97

2003

Wiesel, T

Customer and Enterprise Valuation Approach

In: Eingereicht bei EMAC Doctoral Colloquium 2003 in Glasgow, Schottland

Category: Proceedings

Reference No.: 2003-195