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Share price reactions to advertising announcements and broadcast of media events

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Author Info
Greg Filbeck (Penn State Erie, The Behrend College, PA, USA)
Xin Zhao (Penn State Erie, The Behrend College, PA, USA)
Daniel Tompkins (Niagara University, NY, USA)
Peggy Chong (Niagara University, NY, USA)
Abstract

Over the last two decades, marketers have gravitated toward placing their ads in specific television programs such as the Super Bowl, Academy Awards, and the last episodes of sitcoms. While anecdotal evidence of positive outcomes in the form of increased sales, phone inquiries, and hits on the web sites of advertisers, there has not been any credible measurement of investor returns in this expensive strategy. We find that firms advertising for the first time, with greater advertising expenditures relative to sales, and with more effective|creative campaigns fare better in terms of the market reaction to their campaigns. Copyright © 2008 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/mde.1450
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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

Volume (Year): 30 (2009)
Issue (Month): 4 ()
Pages: 253-264
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:wly:mgtdec:v:30:y:2009:i:4:p:253-264

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Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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  1. Bagwell, Kyle & Ramey, Garey, 1994. "Advertising and Coordination," Review of Economic Studies, Blackwell Publishing, vol. 61(1), pages 153-72, January. [Downloadable!] (restricted)
    Other versions:
  2. Mathur, Lynette Knowles & Mathur, Ike, 2000. "An Analysis of the Wealth Effects of Green Marketing Strategies," Journal of Business Research, Elsevier, vol. 50(2), pages 193-200, November. [Downloadable!] (restricted)
  3. Kihlstrom, Richard E & Riordan, Michael H, 1984. "Advertising as a Signal," Journal of Political Economy, University of Chicago Press, vol. 92(3), pages 427-50, June. [Downloadable!] (restricted)
  4. Stegeman, Mark, 1991. "Advertising in Competitive Markets," American Economic Review, American Economic Association, vol. 81(1), pages 210-23, March. [Downloadable!] (restricted)
  5. Milgrom, Paul & Roberts, John, 1986. "Price and Advertising Signals of Product Quality," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 796-821, August. [Downloadable!] (restricted)
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  6. Nelson, Philip, 1974. "Advertising as Information," Journal of Political Economy, University of Chicago Press, vol. 82(4), pages 729-54, July/Aug.. [Downloadable!] (restricted)
  7. McConnell, John J. & Muscarella, Chris J., 1985. "Corporate capital expenditure decisions and the market value of the firm," Journal of Financial Economics, Elsevier, vol. 14(3), pages 399-422, September. [Downloadable!] (restricted)
  8. Gustavo Grullon & George Kanatas, 2006. "The Impact of Capital Structure on Advertising Competition: An Empirical Study," Journal of Business, University of Chicago Press, vol. 79(6), pages 3101-3124, November. [Downloadable!]
  9. Jain, Prem C, 1985. " The Effect of Voluntary Sell-off Announcements on Shareholder Wealth," Journal of Finance, American Finance Association, vol. 40(1), pages 209-24, March. [Downloadable!] (restricted)
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