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Marketing and distribution expenses are responsible for about a third of the cost of active management in the mutual … fund industry. We develop and estimate a structural model of mutual fund marketing with learning about unobserved skill and … costly investor search. Our estimates suggest that marketing is nearly as important as performance and fees for determining …
Persistent link: https://www.econbiz.de/10012480709
We study the long-run evolution of brand preferences, using new data on consumers' life histories and purchases of consumer packaged goods. Variation in where consumers have lived in the past allows us to isolate the causal effect of past experiences on current purchases, holding constant...
Persistent link: https://www.econbiz.de/10012462389
The hypothesis that financial markets punish traders who make relatively inaccurate forecasts and eventually eliminate the effect of their beliefs on prices is of fundamental importance to the standard modeling paradigm in asset pricing. We establish necessary and sufficient conditions for...
Persistent link: https://www.econbiz.de/10012463460
I develop a new theory of marketing costs and introduce it into a model of trade with product differentiation and firm …
Persistent link: https://www.econbiz.de/10012464433
On numerous occasions, rival firms seek to market goods together, particularly in high-technology industries. This paper empirically examines one such institution: the patent pool. The analysis highlights five findings consistent with the theoretical predictions: (a) pools involving substitute...
Persistent link: https://www.econbiz.de/10012469018
locked in. However, it is consistent with a literature which emphasizes the importance of marketing and advertising …
Persistent link: https://www.econbiz.de/10012452927
Intensive and controversial marketing of infant formula is believed to be responsible for millions of infant deaths in …
Persistent link: https://www.econbiz.de/10012453262
Firms spend substantial resources on marketing and selling. Interpreting this as evidence of frictions in product …
Persistent link: https://www.econbiz.de/10012461466