A test of the representativeness bias effect on stock prices: A study of Super Bowl commercial likeability

Charles Chang, Jing Jiang and Kenneth Kim

Economics Letters, 2009, vol. 103, issue 1, 49-51

Abstract: We test 17years of Super Bowl commercials, finding that "liked" commercials coincide with higher stock returns, despite controls for firm size and changes in sales. This is consistent with representativeness bias, the irrational relation of firm characteristics to returns.

Keywords: Representativeness; bias; Super; Bowl; Investment; decision; making (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (5)

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