Stock Market Reactions to Brand Extension Announcements: The Effects of Brand Attitude and Familiarity
研究品牌态度和熟悉度如何交互影响品牌延伸公告后的股市回报，发现市场反应与这两个因素呈非线性关系。
Brand equity components, brand attitude and brand name familiarity, influence not only the positive benefits but also the adverse consequences that follow brand leveraging. Making use of event study methods, the authors assess whether and how the stock market return—a measure of the change in expected future cash flows—associated with a brand extension announcement depends on these brand equity components. The empirical analysis indicates that stock market participants’ responses to brand extension announcements, consistent with the trade-offs inherent in brand leveraging, depend interactively and nonmonotonically on brand attitude and familiarity.