The Market Value of Celebrity Endorsement: Evidence from India Reveals Factors That Can Influence Stock-Market Returns

Studies in Western countries about stock-market response to celebrity endorsement news have produced mixed results.
Agnihotri and Battacharya

MANAGEMENT SLANT

  • Companies in India that announce celebrity endorsements generate positive abnormal stock returns.
  • Celebrity reputation can further increase these abnormal returns.
  • Niche celebrities create more posi

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