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| Tekijä: | Fehle, F. Tsyplakov, S. Zdorovtsov, V. |
| Otsikko: | Can companies influence investor behaviour through advertising? Super Bowl commercials and stock returns |
| Lehti: | European Financial Management
2005 : NOV, VOL. 11:5, p. 625-647 |
| Asiasana: | Advertising effectiveness Investments Investors Television advertising |
| Kieli: | eng |
| Tiivistelmä: | This paper examines whether advertising can affect investors' choices. Price reactions and trading activity for firms employing TV commercials in Super Bowl broadcasats over the 1969-2001 period are analysed. Evidence from significant positive abnormal returns is found for firms with the number of ads greater than the average. Especially abnormal net buying activity for small trades in shares is recognised, which suggests that small investors are most affected by the increased publicity. |
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