新產品宣告對於日益競爭的廠商來說已經是相當重要的行銷策略。過去許多文獻指出新產品宣告可以為廠商帶來正面的異常報酬。另一方面，本篇研究也提及了品牌的重要性。大量的忠誠消費者將會帶給廠商長期的獲利和連續不斷的現金流量。本篇研究也根據了Chaney的建議，將交易量當作應變數做測試。
在這篇論文中，我從LexisNexis Academic NEWS database共蒐集了11年的資料包括2002年到2012年，其中共有2752筆新產品宣告的資料，並從Compustat 和CRSP獲得相關公司資料及股價。同時，我採用了事件研究法測試品牌價值對新產品宣告的市場反應。
在這篇研究當中共有以下發現 : 我的回歸式結果支持假設1，其為當廠商宣告新產品上市時，公司的品牌價值和市場的反應有正向的關係。多產品宣告、公司大小、股利殖利率和相對研發密集度在回歸式中也都顯著並符合我的預期。
同時，回歸式的結果也支持假設2，其指出當公司宣告新產品的時候，品牌價值會和股票交易量呈現負相關，此效果在事件觀察期(-1,0)和(-1,1)特別顯著。最後，此篇研究也指出多產品宣告和無風險利率對於交易量皆有顯著影響。

New product announcement is becoming the powerful marketing strategies in an increasingly competitive battle for firms. Lots of previous literatures have shown new products announcement can generate a positive abnormal return. On the other side, the importance of brand value is mentioned by this study. Lots of loyal consumer will generate long-term profit for firms and they can bring continuously cash flow. Following the suggestion of Chaney, Devinney and Winer (1991), I also add trading volume as the dependent variable.
In this thesis, I collect 2752 samples of new product announcements from LexisNexis Academic NEWS database and get the data from Compustat and CRSP. I also use the event study methodology to test the market reaction for the brand value.
There are several findings of this thesis. Our regression results support hypothesis that when firms announce new products, brand value is positively associated with stock market reaction. Multiple products, firm size, dividend yield and relative R&D intensity are all significant and match my expectations as well.
On the other hand, my regression results which support hypothesis 2 also show the brand value is negatively associated with the trading volume within (-1, 0) and (-1, 1). Finally, this study finds the evidences to show that multiple products and risk-free rate have significant impact on the trading volume.

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