Submission Date

4-26-2024

Document Type

Paper

Department

Business & Economics

Adviser

Jennifer VanGilder

Committee Member

Abdullah Shoeb

Committee Member

Sheryl Goodman

Department Chair

Jennifer VanGilder

Project Description

Stock returns are influenced by many factors. Finance scholars have attempted to examine the potential causes of stock price changes by comparing the observed returns of stocks after an event with the predicted returns they should have experienced had the event not occurred. The current “Super Bowl-Stock Returns” studies tend to find conflicting results regarding whether the returns of Super Bowl advertisers’ stocks deviate from their predicted values during the trading days following the Super Bowl, as well as the direction in which these returns deviate and why they deviate. This study uses a more precise model for estimating predicted stock prices than those used in previous studies to find that the returns of Super Bowl advertisers' stocks tend to not deviate from the predicted returns they would have experienced should the Super Bowl advertising not have happened. This study finds that the variance in abnormal returns is not correlated with measures of behavioral biases previously explored.

Download

Share

COinS