2021
DOI: 10.3390/su13137127
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The Market Responses to Super Bowl Advertising: The Role of Product Type and Multiple Executions

Abstract: This study uses event study analysis to examine the impact of Super Bowl commercials on the stock prices of sponsoring firms by product type and the frequency of ad executions. By examining 272 Super Bowl advertisements from 142 firms that aired from 2010 to 2019, the results show that the execution of Super Bowl advertising was positively associated with excess returns. In particular, the abnormal return for the day after the event represents the largest gain in excess returns over a period of ±10 days around… Show more

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