Target Firm Advertising and Firm Value

The authors appreciate the helpful comments from Ken Ahern (American Finance Association discussant), Man Dang (Vietnam International Conference in Finance discussant), Xavier Giroud (Bedriftøkonomisk Institutt Norwegian Business School discussant), John Griffin, Matti Keloharju, Ron Masulis, Jay Ritter, and Mike Stegemoller as well as seminar participants at Aalto University, Baylor University, Mississippi State University, Nova School of Business and Economics, Otto Beisheim School of Management (Wissenschaftliche Hochschule für Unternehmensführung), the University of Connecticut, the University of Kansas, the University of Manchester, the University of New South Wales, the University of Surrey, the University of Texas at Austin, Vienna University of Economics and Business (Wirtschafts Universität Wien), and Villanova University and conference attendees of the BI Business School Corporate Governance Conference in Oslo, the Vietnam International Conference in Finance in Danang, the American Finance Association Conference in Philadelphia, and the Norwegian School of Economics (Norges Handelshøyskole) Center for Corporate Finance Conference. All errors are the authors’ responsibility.