& Budzinski (2011) argued from a theoretical viewpoint that industryspecific patterns exist that determine substitution or … evidence for some of the hypotheses. Whereas some industries showed clear substitution effects between internet display and … newspaper advertising, the majority of our hypotheses could be only partly rejected: newspaper substitution effects could be …

. However, though the internet - compared to newspapers - offers a variety of advantages for advertising companies, substitution … newspapers. We conclude that no complete substitution between newspaper and online advertising can be expected to take place in …