The Economic Value of Celebrity Endorsements

What is the pay-off to enlisting celebrity endorsers? Although effects on stock returns are relatively well documented, little is known about any impact on sales—arguably a metric of more direct importance to advertising practitioners.

The Economic Value of Celebrity Endorsements

Anita Elberse

Harvard Business School

Jeroen Verleun

Barclays Capital

Management slant

  • Enlisting the help of an athlete endorser generally pays off: it increases both brand-level sales and firmlevel stock returns.

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