-They evaluate whether a single (umbrella) branding strategy is superior or inferior to a multiple branding strategy, as measured by stock market performance.
-They used a Tobin’s q (which is essentially the market value of a firm divided by the book value) as a measure of stock performance
-Results: they realized that even after controlling for several variables (industry concentration, operating margin, leverage, research and development spending, firm age, number of acquisitions, and growth rate), branding strategy cares
-A corporate branding strategy appears to exceed a “house-of-brands” strategy significantly