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Share price reactions to advertising announcements and broadcast of media events

Greg Filbeck, Xin Zhao, Daniel Tompkins and Peggy Chong
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Greg Filbeck: Penn State Erie, The Behrend College, PA, USA, Postal: Penn State Erie, The Behrend College, PA, USA
Xin Zhao: Penn State Erie, The Behrend College, PA, USA, Postal: Penn State Erie, The Behrend College, PA, USA
Daniel Tompkins: Niagara University, NY, USA, Postal: Niagara University, NY, USA
Peggy Chong: Niagara University, NY, USA, Postal: Niagara University, NY, USA

Managerial and Decision Economics, 2009, vol. 30, issue 4, 253-264

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.

Date: 2009
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