A month ago, Peter Fader and Daniel McCarthy, professors of marketing at Wharton Business School at the University of Pennsylvania, published a paper titled Customer-Based Corporate Valuation for Publicly Traded Non-Contractual Firms.
In the paper, the academics found that the underlying models of customer acquisition and retention do not adequately reflect the empirical realities associated with these behaviors, and the associated valuation models do not meet the standards of finance professionals.
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