“…In this regard, there is a dearth of literature assessing the impact of celebrity endorsement, and the products endorsed are investigated on the financial implications for retail investors (Ding et al, 2011;Kang et al, 2019;Prentice and Zhang, 2017). Celebrity endorsements can send a positive signal to the retail investors that the firm is financially sound (Ding et al, 2011;Prentice and Zhang, 2017), and thus they can invest in blue-chip companies (Jaiyeoba et al, 2018), growth stocks (Huang, 2019;Thakur et al, 2018), high beta stocks (Hajjami and Amin, 2018), and seasonal stocks (Gunaratne and Yonesawa, 1997). The present study intends to measure the final response of retail investors towards selecting specific stocks after considering the financial health and brand image of companies.…”