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The Impact of External Parties on Brand-Name Capital: The 1982 Tylenol Poisonings and Subsequent Cases

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  • Mitchell, Mark L

Abstract

An examination of the 1982 Tylenol poisonings reveals stock-market losses to Johnson & Johnson that far exceed direct costs and losses shared with other pain-reliever producers. This evidence provides support for the Klein and Leffler (1981) theory of brand names as quality-assuring mechanisms. Of the subsequent cases, only the 1986 Tylenol poisonings were associated with significant stock-market losses. Prior to the 1982 and 1986 Tylenol poisonings, Tylenol was the number one pain reliever, whereas the other pain relievers that were poisoned had a much lower level of brand-name capital to lose. Copyright 1989 by Oxford University Press.

Suggested Citation

  • Mitchell, Mark L, 1989. "The Impact of External Parties on Brand-Name Capital: The 1982 Tylenol Poisonings and Subsequent Cases," Economic Inquiry, Western Economic Association International, vol. 27(4), pages 601-618, October.
  • Handle: RePEc:oup:ecinqu:v:27:y:1989:i:4:p:601-18
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