Resumo

RIPAMONTI, Alexandre. Advertising and Asymmetric Information : Evidences from Brazilian Stock Market. estud.gerenc. [online]. 2023, vol.39, n.167, pp.173-180.  Epub 30-Jun-2023. ISSN 0123-5923.  https://doi.org/10.18046/j.estger.2023.167.5489.

This research demonstrates that it is possible for investors to anticipate the effects of advertising campaigns. It examined the long-term relationship between advertising and asymmetric information based on the theories of value creation through advertising and market microstructure. We assume that asymmetric information and advertising have a positive and significant relationship. Data from corporations listed on a developing stock market for 57 quarters were analyzed. Advertising was defined as the relationship between selling expenses, and asymmetric information according to the Corwin-Schultz S_2 measure. The results were controlled for traditional determinants of finance. A long-term relationship was observed between advertising and asymmetric information, thus confirming the theoretical framework. The implications are related to the anticipation of short- and long-term effects resulting from advertising through asymmetric information and cointegration to study the phenomena of the marketing-finance interface; restrictions are related to the coverage of the sample.

Palavras-chave : marketing-finance interface; asymmetric information; advertising; panel cointegration; S_2..

        · resumo em Português | Espanhol     · texto em Inglês     · Inglês ( pdf )