This paper is concerned with the ability of marketing investments to convey information from the “black box” of the firm to participants in the financial markets. We focus on the context of sales force resizing announcements in the pharmaceutical industry because the sales force comprises...

There is a rich literature that examines the impact of customer satisfaction on market value. Surprisingly, the short-run market impact of customer satisfaction has been found to be either insignificant or limited in scope. To address this shortcoming, we introduce the notion that investors form...