Does Advertising Influence Investors? Evidence and Research Propositions

References

• Aaker , David A. and Jacobson , Robert . 1994 . “The Financial Information Content of Perceived Quality” . Journal of Marketing Research , 31 ( May ) : 191 – 201 .
   Web of Science ®Google Scholar
• Agrawal , Jagdish and Kamakura , A. Wagner . 1995 . “The Economic Worth of Celebrity Endorsers: An Event Study Analysis” . Journal of Marketing , 59 ( July ) : 56 – 62 .
   Web of Science ®Google Scholar
• Alba , Joseph W. and Hutchinson , J. Wesley . 2000 . “Knowledge Calibration: What Consumers Know and What They Think They Know” . Journal of Consumer Research , 27 ( September ) : 123 – 156 .
   Google Scholar
• Alba , Joseph W. and Hutchinson , J. Wesley . 1987 . “Dimensions of Consumer Expertise” . Journal of Consumer Research , 13 ( March ) : 411 – 454 .
   Web of Science ®Google Scholar
• Alexander , Gordon J. , Jones , D. Jonathan and Nigro , J. Peter . 1998 . “Mutual Fund Shareholders: Characteristics, Investor Knowledge, and Sources of Information” . Financial Services Review , 7 : 301 – 316 .
   Google Scholar
• Arnold , Stephen J. , Oum , H. Tae , Pazderka , Bohumir and Snetsinger , W. Douglas . 1987 . “Advertising Quality in Sales Response Models” . Journal of Marketing Research , 24 ( February ) : 106 – 113 .
   Google Scholar
• Barber , Brad M. and Odean , Terrance . 2000 . “Too Many Cooks Spoil the Profits: Investment Club Performance” . Financial Analysts Journal , 56 ( January/February ) : 17 – 25 .
   Google Scholar
• Barber , Brad M. and Odean , Terrance . 1999 . “The Courage of Misguided Convictions” . Financial Analysts Journal , 55 ( November/December ) : 41 – 55 .
   Google Scholar
• Bloomfield , Robert , Libby , Robert and Nelson , W. Mark . 1999 . “Confidence and the Welfare of Less-informed Investors” . Accounting, Organizations and Society , 24 : 623 – 647 .
   Web of Science ®Google Scholar
• Bobinski , George S. Jr. and Ramirez , G. Gabriel . 1994 . “Advertising to Investors: The Effect of Financial-Relations Advertising on Stock Volume and Price” . Journal of Advertising , 23 ( December ) : 13 – 28 .
   Google Scholar
• Chauvin , Keith W. and Hirschey , Mark . 1993 . “Advertising, R&D Expenditures, and the Market Value of the Firm” . Financial Management , 22 ( 4 ) : 128 – 137 .
   Web of Science ®Google Scholar
• Cooper , Michael J. , Dimitrov , Orlin and Rau , P. Raghavendra . 2001 . “A Rose.com by Any Other Name” . Journal of Finance , 95 ( 6 ) : 2371 – 2388 .
   Google Scholar
• Bettina , T. Cornwell , Pruitt , W. Stephen and Van Ness , Robert . 2001 . “The Value of Winning in Motorsports: Sponsorship-Linked Marketing” . Journal of Advertising Research , 41 ( January/February ) : 17 – 31 .
   Google Scholar
• Cote , Jane . 2000 . “Analyst Credibility: The Investor's Perspective” . Journal of Managerial Issues , 12 ( 3 ) : 351 – 362 .
   Google Scholar
• Crain , Rance . 1998 . “Creating Premium Stock Price is Also a Function of Branding” . Advertising Age , : 11 August 10
   Google Scholar
• Dhalla , Nariman K. 1978 . “Assessing the Long-term Value of Advertising” . Harvard Business Review , 56 ( January/February ) : 87 – 95 .
   Google Scholar
• Dolphin , Richard R. 2003 . “Approaches to Investor Relations: Implementation in the British Context” . Journal of Marketing Communications , 9 ( March ) : 29 – 43 .
   Google Scholar
• Equity Ownership in America 2002 , Washington , DC : Investment Company Institute and the Securities Industry Association .
   Google Scholar
• Erickson , Gary and Jacobson , Robert . 1992 . “Gaining Comparative Advantage through Discretionary Expenditures: The Returns to R&D and Advertising” . Management Science , 38 ( September ) : 1264 – 1279 .
   Google Scholar
• Farris , Paul W. and Reibstein , J. David . 1979 . “How Prices, Ad Expenditures, and Profits are Linked” . Harvard Business Review , 59 ( November-December ) : 173 – 184 .
   Google Scholar
• Fisher , Kenneth L. and Statman , Meir . 2000 . “Investor Sentiment and Stock Returns” . Financial Analysts Journal , 56 ( March/April ) : 16 – 23 .
   Google Scholar
• Gode , Dhananjay K. and Sunder , Shyam . 1993 . “Allocative Efficiency of Markets with Zero-Intelligence Traders: Market as a Partial Substitute for Individual Rationality” . Journal of Political Economy , 101 ( 1 ) : 119 – 137 .
   Web of Science ®Google Scholar
• Gregory , James R. 1997 . The Impact of Advertising on Stock Performance , New York : American Association of Advertising Agencies .
   Google Scholar
• Grinblatt , Mark and Keloharju , Matti . 2001 . “What Makes Investors Trade?” . Journal of Finance , 56 ( 2 ) : 589 – 616 .
   Web of Science ®Google Scholar
• Guiso , Luigi and Jappelli , Tullio . 2003 . “Awareness and Stock Market Participation” , Centre for Studies in Economics and Finance, Università Degli Studi di Salerno . working paper 110
   Google Scholar
• Healy , Paul M. and Palepu , G. Krishna . 1995 . “The Challenges of Investor Communication: The Case of CUC International, Inc.” . Journal of Financial Economics , 38 : 111 – 140 .
   Web of Science ®Google Scholar
• Hirshleifer , David . 2001 . “Investor Psychology and Asset Pricing” . Journal of Finance , 56 ( 4 ) : 1533 – 1597 .
   Web of Science ®Google Scholar
• Horsky , Dan and Swyngedouw , Patrick . 1987 . “Does it Pay to Change Your Company's Name? A Stock Market Perspective” . Marketing Science , 6 ( 4 ) : 320 – 335 .
   Web of Science ®Google Scholar
• Hozier , George C. Jr. and Schatzberg , D. John . 2000 . “Advertising Agency Terminations and Reviews: Stock Returns and Firm Performance” . Journal of Business Research , 50 : 169 – 176 .
   Web of Science ®Google Scholar
• Huberman , Gur and Tomer , Regev . 2001 . “Contagious Speculation and a Cure for Cancer: A Nonevent that Made Stock Prices Soar” . Journal of Finance , 56 ( 1 ) : 387 – 396 .
   Web of Science ®Google Scholar
• Hunton , James E. and McEwen , Ruth Ann . 2000 . “Surrogate Expertise Indicators of Professional Financial Analysts” . Journal of Managerial Issues , 12 ( 3 ) : 324 – 336 .
   Google Scholar
• Jacob , John , Lys , Z. Thomas and Neale , A. Margaret . 1999 . “Expertise in Forecasting Performance of Security Analysts” . Journal of Accounting and Economics , 28 : 51 – 82 .
   Web of Science ®Google Scholar
• Keller , Kevin Lane . 1993 . “Conceptualizing, Measuring, and Managing Customer-Based Brand Equity” . Journal of Marketing , 57 ( 1 ) : 1 – 22 .
   Web of Science ®Google Scholar
• Kirmani , Amna . 1990 . “The Effect of Perceived Advertising Costs on Brand Perceptions” . Journal of Consumer Research , 17 ( September ) : 160 – 171 .
   Google Scholar
• MacGregor , Donald G. , Slovic , Paul , Dreman , David and Berry , Michael . 2000 . “Imagery, Affect, and Financial Judgment” . Journal of Psychology and Financial Markets , 1 ( 2 ) : 104 – 110 .
   Google Scholar
• MacInnis , Deborah J. and Jaworski , J. Bernard . 1989 . “Information Processing from Advertisements: Toward an Integrative Framework” . Journal of Marketing , 53 ( October ) : 1 – 23 .
   Google Scholar
• MacInnis , Deborah J. , Jaworski , J. Bernard , Moorman , Christine and Jaworski , J. Bernard . 1991 . “Enhancing and Measuring Consumers’ Motivation, Opportunity, and Ability to Process Brand Information From Ads” . Journal of Marketing , 55 ( October ) : 32 – 53 .
   Web of Science ®Google Scholar
• Mathur , Lynette Knowles , Mathur , Ike and Rangan , Nanda . 1997 . “The Wealth Effects Associated with a Celebrity Endorser: The Michael Jordan Phenomenon” . Journal of Advertising Research , 33 ( May/June ) : 67 – 73 .
   Google Scholar
• Mathur , Lynette Knowles , Mathur , Ike and Rangan , Nanda . 1996 . “Is Value Associated with Initiating New Advertising-Client Relations?” . Journal of Advertising , 25 ( September ) : 1 – 12 .
   Google Scholar
• Mathur , Lynette Knowles , Mathur , Ike and Rangan , Nanda . 1995 . “The Effect of Advertising Slogan Changes on Market Value” . Journal of Advertising Research , 31 ( January ) : 59 – 67 .
   Google Scholar
• Mitchell , Andrew A. and Dacin , A. Peter . 1996 . “The Assessment of Alternative Measures of Consumer Expertise” . Journal of Consumer Research , 23 ( December ) : 219 – 239 .
   Google Scholar
• Mitra , Anusree and Lynch , G. John Jr. 1995 . “Toward a Reconciliation of Market Power and Information Theories of Advertising Effects on Price Elasticity” . Journal of Consumer Research , 21 ( March ) : 644 – 659 .
   Google Scholar
• Miyazaki , Anthony D. and Morgan , G. Angela . 2001 . “Assessing Market Value of Event Sponsoring: Corporate Olympic Sponsorships” . Journal of Advertising Research , 41 ( January/February ) : 9 – 15 .
   Google Scholar
• Moorthy , Sridhar and Zhao , Hao . 2000 . “Advertising Spending and Perceived Quality” . Marketing Letters , 11 ( 3 ) : 221 – 233 .
   Google Scholar
• Neff , Jack . 2001 . “Wall Street Advice: Ad, Don't Subtract” . Advertising Age , : 1 November 12
   Google Scholar
• Nelson , Phillip . 1974 . “Advertising as Information” . Journal of Political Economy , 82 ( 4 ) : 729 – 754 .
   Web of Science ®Google Scholar
• Nofsinger , John R. 2001 . “The Impact of Public Information on Investors” . Journal of Banking & Finance , 25 : 1339 – 1366 .
   Web of Science ®Google Scholar
• Odean , Terrance . 1999 . “Do Investors Trade Too Much?” . The American Economic Review , 89 ( 5 ) : 1279 – 1298 .
   Web of Science ®Google Scholar
• Olsen , Robert A. 1997 . “Desirability Bias Among Professional Investment Managers: Some Evidence from Experts” . Journal of Behavioral Decision Making , 10 ( March ) : 65 – 72 .
   Google Scholar
• Sawicki , Julia . 2001 . “Investors’ Differential Response to Managed Fund Performance” . Journal of Financial Research , 24 ( 3 ) : 367 – 384 .
   Google Scholar
• Schonfeld , Eugene P. and Boyd , H. John . 1982 . “The Financial Payoff in Corporate Advertising” . Journal of Advertising Research , 22 ( February-March ) : 45 – 55 .
   Google Scholar
• Schumann , David W. , Hathcote , M. Jan and West , Susan . 1991 . “Corporate Advertising in America: A Review of Published Studies on Use, Measurement, and Effectiveness” . Journal of Advertising , 20 ( 3 ) : 35 – 56 .
   Web of Science ®Google Scholar
• Scipione , Paul A. 1997 . “Too Much or Too Little? Public Perceptions of Advertising Expenditures” . Journal of Advertising Research , 33 ( May-June ) : 49 – 58 .
   Google Scholar
• Shapira , Zur and Venezia , Itzhak . 2001 . “Patterns of Behavior of Professionally Managed and Independent Investors” . Journal of Banking & Finance , 25 ( 8 ) : 1573 – 1587 .
   Web of Science ®Google Scholar
• Simon , Herbert A. 1955 . “A Behavioral Model of Rational Choice” . Quarterly Journal of Economics , 69 : 99 – 118 .
   Web of Science ®Google Scholar
• Srivastava , Rajendra K. , Shervani , A. Tasadduq and Fahey , Liam . 1999 . “Marketing, Business Processes, and Shareholder Value: An Organizationally Embedded View of Marketing Activities and the Discipline of Marketing” . Journal of Marketing , 63 : 168 – 179 .
   Web of Science ®Google Scholar
• Srivastava , Rajendra K. , Shervani , A. Tasadduq and Fahey , Liam . 1998 . “Market-Based Assets and Shareholder Value: A Framework for Analysis” . Journal of Marketing , 62 ( January ) : 2 – 18 .
   Web of Science ®Google Scholar
• Wärneryd , Karl-Erik . 2001 . Stock-Market Psychology: How People Value and Trade Stocks , Northampton , MA : Edward Elgar Publishing .
   Google Scholar