This webinar is based on an MSI working paper of the same name, which analyzes how cognition, affect and experience mediate advertising effects on sales, using data from 178 fast-moving consumer goods brands in 18 categories over seven years. During this session, the speakers will show how the traditional Hierarchy of Effects (HoE) model holds up well but varies across CPG brands with the primary sequence being affect → cognition → experience (ACE).