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Article
A Test of the Representativeness Bias Effect on Stock Prices: A Study of Super Bowl Commercial Likeability
WCOB Faculty Publications
  • Charles Chang, Cornell University
  • Jing Jiang, Sacred Heart University
  • Kenneth A. Kim, SUNY Buffalo
Document Type
Article
Publication Date
4-1-2009
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.

51

DOI
10.1016/j.econlet.2009.01.018
Citation Information
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.