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Advertising as a predictor of investment

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  • Fridriksson, Kari S.
  • Zoega, Gylfi
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    Abstract

    The collapse of Iceland’s financial system in October 2008 is used as a natural experiment to test whether advertising decisions have a forward-looking component. The results show that changes in the volume of advertisements precede changes in investment.

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    Bibliographic Info

    Article provided by Elsevier in its journal Economics Letters.

    Volume (Year): 116 (2012)
    Issue (Month): 1 ()
    Pages: 60-66

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    Handle: RePEc:eee:ecolet:v:116:y:2012:i:1:p:60-66

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    Web page: http://www.elsevier.com/locate/ecolet

    Related research

    Keywords: Advertising; Customer markets; Investment; Financial crises;

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    References

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    1. Ashley, R & Granger, C W J & Schmalensee, R, 1980. "Advertising and Aggregate Consumption: An Analysis of Causality," Econometrica, Econometric Society, vol. 48(5), pages 1149-67, July.
    2. Butters, Gerard R, 1977. "Equilibrium Distributions of Sales and Advertising Prices," Review of Economic Studies, Wiley Blackwell, vol. 44(3), pages 465-91, October.
    3. Sigridur Benediktsdottir & Jon Danielsson & Gylfi Zoega, 2011. "Lessons from a collapse of a financial system," Economic Policy, CEPR & CES & MSH, vol. 26(66), pages 183-231, 04.
    4. Benedetto Molinari & Francesco Turino, 2009. "Advertising and Business Cycle Fluctuations," Working Papers. Serie AD 2009-09, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    5. Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, vol. 67(2), pages 76-90, March.
    6. Grossman, Gene M & Shapiro, Carl, 1984. "Informative Advertising with Differentiated Products," Review of Economic Studies, Wiley Blackwell, vol. 51(1), pages 63-81, January.
    7. Yehuda Kotowitz & Frank Mathewson, 1979. "Advertising, Consumer Information, and Product Quality," Bell Journal of Economics, The RAND Corporation, vol. 10(2), pages 566-588, Autumn.
    8. Robert Picard, 2001. "Effects of Recessions on Advertising Expenditures: An Exploratory Study of Economic Downturns in Nine Developed Nations," Journal of Media Economics, Taylor & Francis Journals, vol. 14(1), pages 1-14.
    9. Mackinnon, J.G. & Haug, A.A. & Michelis, L., 1996. "Numerical Distribution Functions of Likelihood Ratio Tests for Cointegration," G.R.E.Q.A.M. 96a09, Universite Aix-Marseille III.
    10. Sibly, Hugh, 1995. "Advertising in Customer Markets," Scottish Journal of Political Economy, Scottish Economic Society, vol. 42(1), pages 66-81, February.
    11. James G. MacKinnon, 1995. "Numerical Distribution Functions for Unit Root and Cointegration Tests," Working Papers 918, Queen's University, Department of Economics.
    12. Stegeman, Mark, 1991. "Advertising in Competitive Markets," American Economic Review, American Economic Association, vol. 81(1), pages 210-23, March.
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