TY  - GEN
AU  - SCHULZE, CHRISTIAN
AU  - SKIERA, BERND
TI  - Linking customer and financial metrics to shareholder value: The leverage effect in customer based valuation
PY  - 2012///
KW  - CUTOMER EQUITY
N2  - Customer are the most important assets of most companies, such that customer equity has been used as a proxy for shareholder value. However, linking customer metrics to shareholder value without considering debt and non operating assets ignores their effects on relaive changes in customer equity and leads to biased estimates. In developing a new theoretical framework for customer based valuation, grounded in valuation theory, this article links the value of all customers to shareholder value and introduces a new leverage effect tat can translate percentage change in coustome equity in to shareholder value
ER  -