Article2016

The Market Value Of Celebrity Endorsement

26 citations0/0 files storedJournal of Advertising Research

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Financial Markets and Investment Strategies Consumer Behavior in Brand Consumption and Identification Corporate Identity and Reputation

Abstract

ABSTRACT Studies in Western countries about stock-market response to celebrity endorsement news have produced mixed results. The current study, in comparison, examined stock-market response from an emerging market—India. The authors investigated determinants of positive abnormal stock-market returns, analyzing 149 endorsement news events from 2003 to 2014. The results indicate that, in India, variables such as endorsement announcement specificity, the reputation of the endorsing celebrity, and whether the endorsing company is of Indian origin can generate positive abnormal returns.

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References

1973Job Market Signaling 2007Giving Content to Investor Sentiment: The Role of Media in the Stock Market 1997Event Studies in Economics and Finance 1997Why Focused Strategies May Be Wrong for Emerging Markets 1998Market-Based Assets and Shareholder Value: A Framework for Analysis 1997EVENT STUDIES IN MANAGEMENT RESEARCH: THEORETICAL AND EMPIRICAL ISSUES.1999Celebrity Endorsement: A Literature Review 2000Media Reputation as a Strategic Resource: An Integration of Mass Communication and Resource-Based Theories

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