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Jurnal

JOURNAL OF MARKETING ANNIVERSARY

Keyword

stock price returns, stock price volatility, pharmaceutical marketing, advertising, time-varying parameters, Kalman filtering

Pengarang

  1. Ernst C. Osinga
  2. Peter S.H. leeflang
  3. Shuba Srinivasan
  4. Jaap E. wiering

    Subject

    MARKETING

    [Abstrak]

    Marketing
    managers increasingly recognize the need to measure and communicate the impact
    of their actions on shareholder returns. This study focuses on the shareholder
    value effects of pharmaceutical direct-to-consumer advertising (DTCA) and
    direct-to-physician (DTP) marketing efforts. Although DTCA has moderate effects
    on brand sales and market share, companies invest vast amounts of money in it.
    Relying on Kalman filtering, the authors develop a methodology to assess the
    effects from DTCA and DTP on three components of shareholder value: stock
    return, systematic risk, and idiosyncratic risk. Investors value DTCA
    positively because it leads to higher stock returns and lower systematic risk.
    Furthermore, DTCA increases idiosyncratic risk, which does not affect investors
    who maintain well-diversified portfolios. In contrast, DTP marketing has modest
    positive effects on stock returns and idiosyncratic risk. The outcomes indicate
    that evaluations of marketing expenditures should include a consideration of
    the effects of marketing on multiple stakeholders, not just the sales effects
    on consumers.

    Periode

    Vol 75, Nomor 1, Tahun 2011

    [Berkas]

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