The Market Value Of Celebrity Endorsement
研究了印度新兴市场中名人代言新闻对股票市场的影响，发现代言公告的具体性、名人声誉和公司本土性可带来正向异常回报。
<h3>ABSTRACT</h3> Studies in Western countries about stock-market response to celebrity endorsement news have produced mixed results. The current study, in comparison, examined stock-market response from an emerging market—India. The authors investigated determinants of positive abnormal stock-market returns, analyzing 149 endorsement news events from 2003 to 2014. The results indicate that, in India, variables such as endorsement announcement specificity, the reputation of the endorsing celebrity, and whether the endorsing company is of Indian origin can generate positive abnormal returns.