A Test of the Representativeness Bias Effect on Stock Prices: A Study of Super Bowl Commercial Likeability

Document Type

Article

Publication Date

4-2009

Abstract

We test 17 years of Super Bowl commercials, finding that “liked” commercials coincide with higher stock returns, despite controls for firm size and changes in sales. This is consistent with representativeness bias, the irrational relation of firm characteristics to returns.

Comments

Published: Chang, C., J. Jiang, and K. A. Kim. "A Test of the Representativeness Bias Effect on Stock Prices: A Study of Super Bowl Commercial Likeability." Economics Letters 103.1 (2009): 49-51.

At the time of publication, Jack Jiang was affiliated with State University of New York Buffalo.

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51

DOI

10.1016/j.econlet.2009.01.018

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