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The value of celebrity endorsements: A stock market perspective

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  • Haina Ding
  • Alexander Molchanov
  • Philip Stork

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  • Haina Ding & Alexander Molchanov & Philip Stork, 2011. "The value of celebrity endorsements: A stock market perspective," Marketing Letters, Springer, vol. 22(2), pages 147-163, June.
    • Handle: RePEc:kap:mktlet:v:22:y:2011:i:2:p:147-163
    DOI: 10.1007/s11002-010-9117-y
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    References listed on IDEAS

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    1. Tripp, Carolyn & Jensen, Thomas D & Carlson, Les, 1994. "The Effects of Multiple Product Endorsements by Celebrities on Consumers' Attitudes and Intentions," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 20(4), pages 535-547, March.
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    5. Misra, Shekhar & Beatty, Sharon E., 1990. "Celebrity spokesperson and brand congruence : An assessment of recall and affect," Journal of Business Research, Elsevier, vol. 21(2), pages 159-173, September.
    6. Pruitt, Stephen W. & Cornwell, T. Bettina & Clark, John M., 2004. "The NASCAR Phenomenon: Auto Racing Sponsorships and Shareholder Wealth," Journal of Advertising Research, Cambridge University Press, vol. 44(3), pages 281-296, September.
    7. John Clark & T. Cornwell & Stephen Pruitt, 2009. "The impact of title event sponsorship announcements on shareholder wealth," Marketing Letters, Springer, vol. 20(2), pages 169-182, June.
    8. Pritamani, Mahesh & Singal, Vijay, 2001. "Return predictability following large price changes and information releases," Journal of Banking & Finance, Elsevier, vol. 25(4), pages 631-656, April.
    9. Ikenberry, David & Lakonishok, Josef & Vermaelen, Theo, 1995. "Market underreaction to open market share repurchases," Journal of Financial Economics, Elsevier, vol. 39(2-3), pages 181-208.
    10. Corrado, Charles J., 1989. "A nonparametric test for abnormal security-price performance in event studies," Journal of Financial Economics, Elsevier, vol. 23(2), pages 385-395, August.
    11. Kahle, Lynn R & Homer, Pamela M, 1985. "Physical Attractiveness of the Celebrity Endorser: A Social Adaptation Perspective," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 11(4), pages 954-961, March.
    12. repec:kap:iaecre:v:14:y:2008:i:2:p:247-256 is not listed on IDEAS
    13. A. Craig MacKinlay, 1997. "Event Studies in Economics and Finance," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 13-39, March.
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    Cited by:

    1. Chen, Feilong & Choi, Sungchul & Fu, Chengbo & Nycholat, Joshua, 2021. "Too high to get it right: The effect of cannabis legalization on the performance of cannabis-related stocks," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 715-734.
    2. Stefan J. Hock & Sascha Raithel, 2020. "Managing Negative Celebrity Endorser Publicity: How Announcements of Firm (Non)Responses Affect Stock Returns," Management Science, INFORMS, vol. 66(3), pages 1473-1495, March.
    3. Sherry Bartz & Alexander Molchanov & Philip Stork, 2013. "When a celebrity endorser is disgraced: A twenty-five-year event study," Marketing Letters, Springer, vol. 24(2), pages 131-141, June.
    4. Shahzeb Hussain & T. C. Melewar & Constantinos-Vasilios Priporas & Pantea Foroudi & Waleed Yusef, 2021. "Understanding Celebrity Trust and Its Effects on Other Credibility and Image Constructs: A Qualitative Approach," Corporate Reputation Review, Palgrave Macmillan, vol. 24(4), pages 247-262, November.
    5. Dirk F. Gerritsen & Saskia van Rheenen, 2017. "The value of winning: endorsement returns in individual sports," Marketing Letters, Springer, vol. 28(3), pages 371-384, September.
    6. Juan Nicolau & María Santa-María, 2013. "Celebrity endorsers' performance on the “ground” and on the “floor”," Marketing Letters, Springer, vol. 24(2), pages 143-149, June.
    7. Zamudio, César, 2016. "Matching with the stars: How brand personality determines celebrity endorsement contract formation," International Journal of Research in Marketing, Elsevier, vol. 33(2), pages 409-427.
    8. Junzhou Zhang & Lei Huang, 2018. "Loss or gain? The impact of Chinese local celebrity endorser scandal on the global market value of the endorsed brands," Journal of Marketing Analytics, Palgrave Macmillan, vol. 6(1), pages 27-39, March.
    9. Marco Caiffa & Vincenzo Farina & Lucrezia Fattobene, 2020. "All that glitters is not gold: CEOs' celebrity beyond media content," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 25(3), pages 444-460, July.
    10. Karasiewicz Grzegorz & Kowalczuk Martyna, 2014. "Effect of Celebrity Endorsement in Advertising Activities by Product Type," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 44(1), pages 74-91, December.
    11. Christopher R. Knittel & Victor Stango, 2014. "Celebrity Endorsements, Firm Value, and Reputation Risk: Evidence from the Tiger Woods Scandal," Management Science, INFORMS, vol. 60(1), pages 21-37, January.
    12. Thubelihle Ndlela & Tinashe Chuchu, 2016. "Celebrity Endorsement Advertising: Brand Awareness, Brand Recall, Brand Loyalty as Antecedence of South African Young Consumers' Purchase Behaviour," Journal of Economics and Behavioral Studies, AMH International, vol. 8(2), pages 79-90.
    13. Ying-Jiuan Wong & Chi-Feng Wang, 2018. "Is an overconfident CEO good for advertising investments?," Australian Journal of Management, Australian School of Business, vol. 43(3), pages 439-455, August.
    14. Vanitha Swaminathan & Sayan Gupta & Kevin Lane Keller & Donald Lehmann, 2022. "Brand actions and financial consequences: a review of key findings and directions for future research," Journal of the Academy of Marketing Science, Springer, vol. 50(4), pages 639-664, July.
    15. Subhadip Roy & Abhijit Guha & Abhijit Biswas & Dhruv Grewal, 2019. "Celebrity endorsements in emerging markets: Align endorsers with brands or with consumers?," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(3), pages 295-317, April.
    16. Juan Luis Nicolau & María Jesús Santa-María, 2017. "Sports results creating tourism value," Tourism Economics, , vol. 23(3), pages 697-701, May.
    17. Frank TENKORANG & Bree L. DORITY & Eddery LAM, 2014. "Nba Endgame: Do Salaries Matter?," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 14, pages 51-62, December.
    18. Chien-Wei Chen & Min-Hsien Chiang & Chi-Lin Yang, 2014. "New product preannouncements, advertising investments, and stock returns," Marketing Letters, Springer, vol. 25(2), pages 207-218, June.

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    More about this item

    Keywords

    Event study; Celebrity endorsement; Match-up; Internet; Marketing; G14; M37;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • M37 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Advertising

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