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The authors use a panel data set that combines annual brand-level advertising expenditures for over three hundred brands with measures of brand awareness and perceived quality from a large-scale consumer survey to study the effect of advertising. Advertising is modeled as a dynamic investment in a brand's stocks of awareness and perceived quality and they ask how such an investment changes brand awareness and quality perceptions. The panel data allow them to control for unobserved heterogeneity across brands and to identify the effect of advertising from the time-series variation within brands.
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