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The Economic Value of Celebrity Endorsements

Anita Elberse, Jeroen Verleun
DOI: 10.2501/JAR-52-2-149-165 Published 1 June 2012
Anita Elberse
Harvard Business School,
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  • For correspondence: aelberse@hbs.edu
Jeroen Verleun
Barclays Capital,
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  • For correspondence: jeroenverleun@gmail.com
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ABSTRACT

What is the pay-off to enlisting celebrity endorsers? Although effects on stock returns are relatively well documented, little is known about any impact on sales—arguably a metric of more direct importance to advertising practitioners. This study of athlete endorsements finds there is a positive pay-off to a firm's decision to sign an endorser, and that endorsements are associated with increasing sales in an absolute sense and relative to competing brands. Furthermore, sales and stock returns jump noticeably with each major achievement by the athlete. However, whereas stock-return effects are relatively constant, sales effects exhibit decreasing returns over time. Implications for practitioners are outlined.

  • © Copyright 2012 The ARF. All rights reserved.

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Vol 52 Issue 2

Journal of Advertising Research: 52 (2)
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The Economic Value of Celebrity Endorsements
Anita Elberse, Jeroen Verleun
Journal of Advertising Research Jun 2012, 52 (2) 149-165; DOI: 10.2501/JAR-52-2-149-165

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The Economic Value of Celebrity Endorsements
Anita Elberse, Jeroen Verleun
Journal of Advertising Research Jun 2012, 52 (2) 149-165; DOI: 10.2501/JAR-52-2-149-165
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