Cointegration Analysis of the Advertising-Sales Relationship
分析了Lydia Pinkham公司年度广告和销售数据，发现两者存在长期均衡关系，短期中广告比销售更敏感地调整以恢复均衡，暗示广告支出占销售额比例的决策规则可能是一种长期均衡条件。
The examination of stochastic properties of the annual advertising and sales data from the Lydia Pinkham Company reveals that the series are cointegrated and, therefore, possess a long-run equilibrium condition. According to the estimates of the error correction model of the series, in the short-run advertising is found to be more responsive than sales in adjustments to eliminate departures from the long-run equilibrium condition. The author's analysis, in general, implies that the observed business firms' decision rules fixing advertising spending as a percentage of sales revenue may hold as a long-run equilibrium condition. Copyright 1991 by Blackwell Publishing Ltd.