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| Tekijä: | Tannous, G. |
| Otsikko: | Capital budgeting for advertising expenditures: a contingent claims approach |
| Lehti: | Review of Quantitative Finance and Accounting
1997 : VOL. 8:2, p. 109-128 |
| Asiasana: | FINANCE ACCOUNTING ADVERTISING |
| Kieli: | eng |
| Tiivistelmä: | Advertising expenditures constitute a big part of the budgets of firms. Through their impact on demand and costs , advertising activities affect the firm's pricing and output decisions as well as the firm's market value. Yet, there is no analytical framework by which these effects can be measured. This paper develops a cash flow model for a product where the advertising budget is divided between a strategic component designed to increase expected demand and a contingent component allocated to be used only if sales fall short of capacity. |
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