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

This study uses event analysis to examine the impact of Super Bowl commercials on stock prices sponsoring firms by product type and frequency ad executions. By examining 272 advertisements from 142 that aired 2010 2019, results show execution advertising was positively associated with excess returns. In particular, abnormal return for day after represents largest gain in returns over a period ±10 days around day. Further, cumulative average (CAARs) are consistently positive right The findings demonstrate yielded higher low-involvement hedonic products. number executions is found substantially enhance effectiveness advertising.