The value relevance of major media advertising expenditures: Some U.K. evidence |
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Authors: | Syed Zulfiqar Ali Shah Andrew W. Stark |
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Affiliation: | a Warwick Business School, The University of Warwick, United Kingdom b Manchester Business School, The University of Manchester, United Kingdom c University of Liverpool Management School, United Kingdom |
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Abstract: | This study examines whether ACNielsen MEAL major media advertising expenditure measures, that are publicly available at a cost, have value relevance. Our results suggest that these advertising-expenditure measures are positively associated with market value. We also find little difference in the value relevance of these expenditures among different sizes of firms. Value relevance is found to be present only for nonmanufacturing firms. This suggests that the costly information provided by ACNielsen MEAL surveys may be potentially useful to market participants in valuing firms, at least for nonmanufacturing firms. |
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Keywords: | Advertising Value relevance Disclosure Intangible assets |
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