The Market Responses to Super Bowl Advertising: The Role of Product Type and Multiple Executions

Jung-Gyo Lee and Kyung-A Ko
Additional contact information
Jung-Gyo Lee: Department of Media, Kyung Hee University, Seoul 02447, Korea
Kyung-A Ko: Department of Media, Kyung Hee University, Seoul 02447, Korea

Sustainability, 2021, vol. 13, issue 13, 1-15

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 the event day. Further, cumulative average abnormal returns (CAARs) are consistently positive right after the event day. The findings demonstrate that Super Bowl commercials yielded higher returns for low-involvement and hedonic products. The number of ad executions is found to substantially enhance the effectiveness of Super Bowl advertising.

Keywords: Super Bowl advertising; event study; product type; multiple executions (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2071-1050/13/13/7127/pdf (application/pdf)
https://www.mdpi.com/2071-1050/13/13/7127/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:13:y:2021:i:13:p:7127-:d:581856

Access Statistics for this article

Sustainability is currently edited by Ms. Alexandra Wu

More articles in Sustainability from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().