Super Bowl Advertising Effectiveness : Is There a Return on Investment Based on Stock Market Data.

Abstract

This study examines whether advertisers in the 1996-2008 Super Bowls experienced a stock price gain relative to the more broad-based S&P 500 market performance for the week immediately before and after the game. The study also examines whether a significant difference exists between the daily stock price changes of Super Bowl stocks relative to the S&P 500 market performance over the ten trading days bracketing the event.