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This paper investigates the significance of consumer opinions in relation tovalue in China's A-share market. By analyzing a large dataset comprising over18 million product reviews by customers on JD.com, we demonstrate thatsentiments expressed in consumer reviews can influence stock returns,indicating that consumer opinions contain valuable information that can impactthe stock market. Our findings show that Customer Negative Sentiment Tendency(CNST) and One-Star Tendency (OST) have a negative effect on expected stockreturns, even after controlling for firm characteristics such as market risk,illiquidity, idiosyncratic volatility, and asset growth. Further analysisreveals that the predictive power of CNST is stronger in firms with highsentiment conditions, growth companies, and firms with lower accountingtransparency. We also find that CNST negatively predicts revenue surprises,earnings surprises, and cash flow shocks. These results suggest that onlinesatisfaction derived from big data analysis of customer reviews contains novelinformation about firms' fundamentals.

The Impact of Customer Online Satisfaction on Stock Returns: Evidence from the E-commerce Reviews in China