Effect of analysts’ earnings pressure on marketing spending and stock market performance

Despite the clearly visible effects of analysts’ pressures on C-level executives in the popular press, there is limited evidence on their effects on marketing spending decisions. This study asks two questions. First, how do analysts’ pressures affect firms’ short-term marketing spending decisions? Based on a sample of 2706 firms during 1987–2009 compiled from Institutional Brokers Earning System, COMPUSTAT, and CRSP databases we find that firms cut marketing spending. Second, more importantly, we ask if firms which remained more committed in the past to marketing spending under analysts’ pressures have higher longer-term stock market performance. We find that the stock market performance of firms more committed to marketing spending under past periods of analysts’ pressures is higher. The findings are replicated for R&D spending and are robust across measures, controls, and methodologies. Consideration of two industry-based moderators, R&D spending and revenue growth, and one firm-based moderator, whether the firm is among the industry’s top four market share or other lower share firms, reveals that the findings are stronger for high R&D and growth industries and lower market share firms. One key implication is that top executives respond to analysts’ pressures by cutting marketing spending in the short term; however, if they can resist these pressures, longer-term stock market performance is higher.     

When do the stock market returns to new product preannouncements predict product performance? Empirical evidence from the U.S. automotive industry

Substantial research has examined how stock market reactions to marketing actions affect subsequent marketing decisions. However, prior research provides limited insights into whether abnormal stock returns to a marketing action actually predict the future performance resulting from that action. This study focuses on new product preannouncements (NPPAs) and investigates the relationship between short-term stock market returns to an NPPA and the post-launch new product performance under various industry and firm conditions. Findings based on a dynamic panel data analysis of 208 NPPAs in the U.S. automotive industry between 2001 and 2014 reveal that stock returns associated with an NPPA are not an appropriate forward-looking measure of future product performance. However, under specific conditions (i.e., when the preannouncement is specific, the preannounced new product has low innovativeness, the preannouncing firm has a high reputation and invests heavily in advertising, and the preannouncement environment is less competitive), abnormal stock returns to NPPAs actually predict the future performance of new products. Thus, this study extends the marketing–finance and innovation literature with its focus on the conditions that affect the predictive power of immediate stock returns for the future performance of new products.     

创新,创业,创一流

人们普遍认为，世间万物的生长和繁衍都离不开三种物质，即阳光、空气和水。这已成为万物赖以生存的最基本的条件，有人称之为生存三要素：     

从严治党,取信于民,拒腐防变

本文联系工作和生活实际，论述了从严治党和党风廉政建设的重要意义及从严治党，取信于民，拒腐防变的具体措施。     

围绕中心,服务大局,改革创新,扎实做好干部教育培训工作

山西经济管理学院为全省转型跨越发展,经济管理干部成长成才做出了积极贡献,本文从培训需求与内容、培训课程、培训形式、教育科研以及师资力量等方面入手,论述了经济管理干部学院应该充分发挥管理者的主观能动性,按照干部队伍建设的需要,尊重干部教育培训规律、尊重干部成长规律,围绕中心,服务大局,不断深化改革,增强干部教育培训的针对性和实效性。     

钱,趁年轻赚,趁年轻存

pierre和sherry,两个20出头的年轻人都是单身一族,从他们两人以下的理财问题答案中,我们可以窥探出时下年轻男女的典型理财模式:没有预算、没有计划,花起钱来完全没有度。他们认为,今天,我还有青春,花得起！可是,老了怎么办呢?钱——当然还是趁年轻时赚,趁年轻时存。 你这星期存了多少钱? Pierre:我没有计划的,只要不让我碰到柜员机,我就能存钱。我不是在开玩笑,这个方法对我来说真的很有效。真想不到,这个星期我竟     

瞄准高技术,做到高质量,追求高效益

我们湖南华南光电仪器厂地处常德市西郊,是中国兵器工业总公司直属大型高新技术企业。作为高新技术企业,当世界进入信息时代的时候,如何努力找准自己的位置,近些年来.我们进行了一系列有效的探索。经过全厂职工不断努力,企业取得了较好的经济效益和社会效益,企业的综合实力与发展后劲明显提高和增强。综合经济效益指标排序在兵总及光电总公司属前几名。高新技术产品产值率达到85％。工厂依靠科技进步,在开发高新技术产品,培     

立足区情,发挥优势,发展闽东经济

长期以来,闽东由于地形多山、交通不便,经济基础薄弱,观念保守、教育落后等原因,经济发展相对落后.但闽东同样具有发展经济的自身优势:区位优势和资源优势.闽东必须立足区情,发挥优势,促进经济的可持续发展.为此,闽东应强化开放观念,加强制度建设;充分发挥港口资源和旅游资源丰富的优势;选择合适的主导产业;加强区域内合作和区域间合作;注重环境保护,实施可持续发展.     

坚持解放思想,实事求是,走科教兴国之路

改革开放20年来，教育的改革和发展得益于解放思想、实事求是的思想路线。面对国际间的激烈竞争，我们要从国情出发，必须以实事求是的态度，走科教兴国之路。