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政大典藏 > College of Commerce > Department of International Business > Periodical Articles > Item 140.119/62733

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/62733

Title:	New Product Preannouncements, Advertising Investments, and Stock Returns
Authors:	陳建維 Chen,Chien-Wei;Chiang,Min-Hsien;Yang,Chi-Lin
Contributors:	國貿系
Keywords:	New product preannouncement;Advertising investment;Signaling;Information asymmetry;Stock return
Date:	2014-06
Issue Date:	2013-12-19 12:04:50 (UTC+8)
Abstract:	This study examines the synergistic effects of advertising spending and new product preannouncements (NPPAs) on stock market responses. The empirical results indicate that returns of preannouncing firms over both the short- and long-term could be improved by an increase in advertising expenditure. Additionally, the results also show that the positive impacts of earnings and revenues can be enhanced, while the negative influence of trading costs can be reduced, for preannouncing firms with higher advertising expenditures. The holding returns of institutional investors can also increase with greater spending on advertising. Therefore, marketing communication strategies that aim to reduce information asymmetry within NPPAs, coupled with greater advertising expenditures, would yield more favorable investor responses.
Relation:	Marketing Letters , 25(2), 207-218
Data Type:	article
DOI link:	http://dx.doi.org/10.1007/s11002-013-9253-2
DOI:	10.1007/s11002-013-9253-2
Appears in Collections:	[Department of International Business] Periodical Articles

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