知情人
库存(枪支)
利用
业务
广告
股票价格
货币经济学
经济
工程类
系列(地层学)
生物
古生物学
机械工程
法学
计算机科学
计算机安全
政治学
摘要
This paper provides evidence that managers adjust firm advertising, in part, to attract investor attention and influence short-term stock returns. First, I show that increased advertising spending is associated with a contemporaneous rise in retail buying and abnormal stock returns, and is followed by lower future returns. Second, I document a significant increase in advertising spending prior to insider sales and a significant decrease in the subsequent year. Additional analyses suggest that the inverted V-shaped pattern in advertising spending around insider sales is most consistent with managers' opportunistically adjusting firm advertising to exploit the temporary return effect to their own benefit. © The Author 2014.
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