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The Effect of Guerrilla Marketing On Company Share Prices

An Event Study Analysis

Svetlana Davis, Frederick Davis
DOI: 10.2501/JAR-2021-010 Published 1 September 2021
Svetlana Davis
Bishop’s University,
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  • For correspondence: sdavis@ubishops.ca
Frederick Davis
Concordia University,
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  • For correspondence: frederick.davis@concordia.ca
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Abstract

This study analyzes a hand-collected sample of 803 guerrilla marketing campaigns from 2007 to 2017 to examine the impact on abnormal share price performance. Using both event study and cross-sectional analysis, results indicate that event-period abnormal returns are positive and in line with the returns of other advertising activities such as celebrity endorsements. Most emotional appeals analyzed (particularly joy) are associated with significantly positive company returns, whereas humor and rational appeals (particularly claims of high quality) are associated with significantly negative company returns. These findings are believed to represent the first empirical analysis of guerrilla marketing campaigns.

  • Received January 17, 2020.
  • Received (in revised form) October 22, 2020.
  • Accepted December 7, 2020.
  • Copyright © 2021 ARF. All rights reserved.
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Vol 61 Issue 3

Journal of Advertising Research: 61 (3)
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The Effect of Guerrilla Marketing On Company Share Prices
Svetlana Davis, Frederick Davis
Journal of Advertising Research Sep 2021, 61 (3) 346-361; DOI: 10.2501/JAR-2021-010

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The Effect of Guerrilla Marketing On Company Share Prices
Svetlana Davis, Frederick Davis
Journal of Advertising Research Sep 2021, 61 (3) 346-361; DOI: 10.2501/JAR-2021-010
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  • Article
    • Abstract
    • MANAGEMENT SLANT
    • INTRODUCTION
    • GUERRILLA MARKETING CAMPAIGNS
    • CONNECTION TO COMPANY VALUE
    • LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT
    • METHOD
    • RESULTS
    • DISCUSSION
    • CONCLUSION
    • ABOUT THE AUTHORS
    • Appendix 1 Variable Operationalization
    • Appendix 2 Event Study Cumulative Average Abnormal Returns (CAARs) Over the (0, +1) Period
    • REFERENCES
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