TY - JOUR T1 - The Economic Value of Celebrity Endorsements JF - Journal of Advertising Research JO - J Advert Res SP - 149 LP - 165 DO - 10.2501/JAR-52-2-149-165 VL - 52 IS - 2 AU - Anita Elberse AU - Jeroen Verleun Y1 - 2012/06/01 UR - http://www.journalofadvertisingresearch.com/content/52/2/149.abstract N2 - 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. ER -