The Effect of Guerrilla Marketing On Company Share Prices
分析了2007至2017年间803个游击营销活动对股价异常回报的影响，发现情感诉求（尤其是喜悦）带来正面回报，而幽默和理性诉求（如高质量宣称）则导致负面回报。
This study analyzes a hand-collected sample of 803 guerrilla marketing campaigns from 2007 to 2017 to examine the impact on abnormal share price performance. Using both event study and cross-sectional analysis, results indicate that event-period abnormal returns are positive and in line with the returns of other advertising activities such as celebrity endorsements. Most emotional appeals analyzed (particularly joy) are associated with significantly positive company returns, whereas humor and rational appeals (particularly claims of high quality) are associated with significantly negative company returns. These findings are believed to represent the first empirical analysis of guerrilla marketing campaigns.