品牌价值与产权改革—MBO后的美的电器案例研究

本文的研究思路是把企业品牌价值与企业产权改革、激励机制改革结合起来.论文以管理层收购后的上市公司美的电器为研究对象,发现MBO后的企业品牌价值和自主创新能力得到了提高,明显优越于其他同行业上市公司,体现了一种立足长远利益的行为.本文认为企业品牌价值背后是企业的产权问题.明晰企业家在品牌形成过程中的人力资本产权,有利于保证品牌价值得到持续增值和长远发展,有利于企业自主创新能力的提高.     

“时间总长假设”对广告媒体策划的启示

认知心理学中的“时间总长假设”（Total Time Hypothesis）认为，人们掌握（主要指记忆）一定的信息所需要的时间是基本固定的。当总的时间长度固定时，对于这段时间的分配方式并不影响记忆的效果。本文对这个假设在广告行业中的应用进行了论证。文中所分析的数据采集于对美国观众在2002、2003和2006年进行的有关“超级碗”球赛广告的电话访谈。研究结果显示，当广告的时间总长固定时，广告重复的次数对广告的传播效果没有显著影响，从而印证了时间总长假设。文章对如何在广告媒体策划中应用这一结论也进行了相应的讨论。     

中国广告产业集群化发展的战略选择与制度审视

本文运用产业集群理论,阐述了中国广告产业集群化发展的现实必需及其战略意义。文章在审视中国广告产业现状的基础上,指出中国广告公司要实现对广告业发达国家的超越,必须创新广告产业发展路径,走专业化-专门化-集群化-规模化的产业发展之路,专业化和专门化是集群化发展的基础和保障,规模化是集群化发展的必然走向,而公共政策的制度供给则是广告产业集群化发展的迫切需求。     

浅谈城市公交系统广告的现状与发展——以武汉市公交系统广告为例

随着我国经济的快速发展和人口数量的不断增长，作为大众出行的主要交通工具一城市公交系统得至Ⅱ了蓬勃发展，同时也给公交系统的兄弟产业一公交广告带来了无限商机。本文以具体城市一武汉为切入点，展开对当前城市公交广告的调查分析，提出公交系统广告今后的发展趋势。     

The value-relevance of R&D and advertising expenditures: Evidence from Korea

This study examines the value-relevance of R&D and advertising expenditures of Korean firms, using a regression model based on the Ohlson [Contemp. Account. Res. (1995) 661] equity-valuation framework. Results indicate that R&D expenditures are positively associated with stock price, suggesting that capitalizing R&D expenditures is appropriate. The association is stronger for the portion of R&D expenditures that is capitalized, rather than expensed, suggesting that investors agree with management that the capitalized expenditures represent greater future economic benefits. Investors also appear to interpret fully expensed R&D expenditures as positive net present-value investments, however, suggesting that these expenditure should also be capitalized. Additional results indicate that advertising expenditures are negatively associated with stock price, and the magnitude of this negative association is similar to the association between other expenses and stock price. These findings suggest that investors believe the economic benefits of advertising expenditures expire in the current period, similar to other expenses.     

The effectiveness of pre-release advertising for motion pictures: An empirical investigation using a simulated market

We use data on a movie’s stock price as it trades on the Hollywood Stock Exchange, a popular online market simulation, to study the impact of movie advertising. We find that advertising has a positive and statistically significant effect on expected revenues, but that the effect varies strongly across movies of different “quality”. The point estimate implies that the returns to advertising for the average movie are negative.     

Are corporate social responsibility and advertising complements or substitutes in producing firm reputation?

A firm’s reputation is one of the critical drivers of success, and two of the key levers firms use to influence their perceived reputation are corporate social responsibility (CSR) and advertising. The relationship between CSR and advertising is important because whether they are complements or substitutes has different implications for how firms use these activities. Using a unique panel dataset of US-listed companies between 2005 and 2014, we estimate flexible production functions to identify whether CSR and advertising act as complements or substitutes in the production of firm reputation. A secondary motivation of this paper is to examine whether the use of different stakeholder ratings of firm reputation matters. We find evidence consistent with advertising and CSR being substitutes toward the production of firm reputation. Our results also show that advertising, own-firm CSR activities, and industry-level CSR spillovers contribute positively to firm reputation. Lastly, we find that the effects of CSR and advertising vary across the stakeholder groups (general public, business executives, or CSR experts) used in the analysis.     

Are Local TV Markets Separate Markets?

In sweeping revisions the US Telecommunications Act of 1996 relaxed rules respecting broadcast TV ownership regulations. In particular Congress directed the Federal Communication Commission (FCC) to conduct a rulemaking on whether the 'duopoly rules' preventing businesses from owning multiple broadcast stations in the same market should be relaxed, modified or eliminated. Naturally, this directive raises questions concerning competition. Specifically, would concentration and consolidation of local media firms have deleterious effects on advertising rates, output and consumer choice? In the present paper we examine, using own-price and cross-price elasticity demand estimates, the question of whether local TV markets constitute a separate market for advertising. Our structural tests, with appropriate caveats, reveal that local TV advertising is not, by itself, a distinct market - one relevant for antitrust action.     

Content and advertising in the media: Pay-tv versus free-to-air

We compare the advertising intensity and content of programming in a market with competing media platforms. With pay-tv, media platforms have two sources of revenues, advertising revenues and revenues from viewers. With free-to-air, media platforms receive all revenues from advertising. We show that if viewers strongly dislike advertising, the advertising intensity is greater under free-to-air television. We also show that free-to-air television tends to provide less differentiated content whereas pay-tv stations always maximally differentiate their content. In addition, we compare the welfare properties of the two different schemes.