Advertising exposure and investor attention: Estimates from Super Bowl commercials

Abstract Product advertising captures the attention not only of consumers but also investors. Constructing a measure local investment interest in stocks from Google searches and using Super Bowl as an experiment, we study effects expenses on investor attention. We find that post‐game Monday investors areas with high viewership increases significantly for both non‐local companies air commercials. Non‐local firms exposure region attract more than low exposure, suggesting has stronger impact bias.