advertising companies, substitution tendencies cannot be generalized. In particular, we argue that newspaper advertising offers … substitution between newspaper and online advertising can be expected to take place on the advertising side in the foreseeable …

& Budzinski (2011) argued from a theoretical viewpoint that industry-specific 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 substi-tution effects could be …