Winners and Losers in Superbowl Advertising Reviews and Advertiser Stock Values

Document Type

Conference Proceeding

Conference Track

Marketing Management/ Strategy/ Branding

Publication Date



Every year the Super Bowl creates enormous media buzz, not only concerning the teams and players but the advertisers. Previous research has investigated the relationship between Super Bowl advertising investment and stock prices. The results of these studies have found conflicting results. The authors reviewed changes in Super Bowl advertisers’ stock prices around the time of the event from 2000 to 2010. Ratings of Super Bowl ads by USA Today’s AdMeter were also collected for the same years. During the study period 211 ad placements were made by 72 publically traded companies during the Super Bowl. The event study analyzed cumulative abnormal returns for several windows. Cumulative abnormal returns for windows five days or less before and after each Super Bowl were calculated. The study also used a Fama-French Three Factor financial model to remove the effects of the market. Overall, most companies did not have significant abnormal returns in the period before or after the Super Bowl. There was no correlation between the AdMeter ratings and abnormal returns. With a few exceptions most companies neither won nor lost by investing in Super Bowl advertising. Of the 72 companies 44 had significant abnormal returns. Twenty one had negative returns and nineteen had positive returns. The remaining 4 had both negative and positive returns in various windows before and after the Super Bowl. Overall most of the companies neither won nor lost on their investment in Super Bowl advertising. Does this mean that investments in Super Bowl advertising is not effective in generating returns for the companies? Of the multitude of companies that did not have significant abnormal returns either positive or negative, the conclusion is that the investments paid off in terms of returns.

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Digital Commons@Georgia Southern License

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