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Advertising as a predictor of investment

  • Fridriksson, Kari S.
  • Zoega, Gylfi
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    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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    File URL: http://www.sciencedirect.com/science/article/pii/S0165176511006021
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    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
    Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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    1. Sibly, H., 1993. "Advertising in Customer Markets," Papers 1993-03, Tasmania - Department of Economics.
    2. Benedetto Molinari & Francesco Turino, 2009. "Advertising and Business Cycle Fluctuations," 2009 Meeting Papers 419, Society for Economic Dynamics.
    3. Grossman, Gene M & Shapiro, Carl, 1984. "Informative Advertising with Differentiated Products," Review of Economic Studies, Wiley Blackwell, vol. 51(1), pages 63-81, January.
    4. 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.
    5. 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.
    6. James G. MacKinnon, 1995. "Numerical Distribution Functions for Unit Root and Cointegration Tests," Working Papers 918, Queen's University, Department of Economics.
    7. Stegeman, Mark, 1991. "Advertising in Competitive Markets," American Economic Review, American Economic Association, vol. 81(1), pages 210-23, March.
    8. 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.
    9. Butters, Gerard R, 1977. "Equilibrium Distributions of Sales and Advertising Prices," Review of Economic Studies, Wiley Blackwell, vol. 44(3), pages 465-91, October.
    10. 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.
    11. 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.
    12. 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.
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