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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)

Registered author(s):

    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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    Bibliographic 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

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    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. Stegeman, Mark, 1991. "Advertising in Competitive Markets," American Economic Review, American Economic Association, vol. 81(1), pages 210-23, March.
    2. Bagwell, Kyle & Ramey, Garey, 1994. "Advertising and Coordination," Review of Economic Studies, Wiley Blackwell, vol. 61(1), pages 153-72, January.
    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.
    4. 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.
    5. 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.
    6. Gustavo Grullon & George Kanatas, 2006. "The Impact of Capital Structure on Advertising Competition: An Empirical Study," The Journal of Business, University of Chicago Press, vol. 79(6), pages 3101-3124, November.
    7. Nelson, Philip, 1974. "Advertising as Information," Journal of Political Economy, University of Chicago Press, vol. 82(4), pages 729-54, July/Aug..
    8. 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.
    9. Dekimpe, M.G. & Hanssens, D., 1995. "The persistence of marketing effects on sales," Open Access publications from Tilburg University urn:nbn:nl:ui:12-358916, Tilburg University.
    10. 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.
    11. Fred S. Zufryden, 1987. "A Model for Relating Advertising Media Exposures to Purchase Incidence Behavior Patterns," Management Science, INFORMS, vol. 33(10), pages 1253-1266, October.
    12. Robert P. Leone, 1995. "Generalizing What Is Known About Temporal Aggregation and Advertising Carryover," Marketing Science, INFORMS, vol. 14(3_supplem), pages G141-G150.
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