Companies announcing the purchase of advertising slots during the Super Bowl broadcast may get a slight boost in their stock prices, according to researchers at the University of Colorado at Boulder's Leeds School of Business.
Margaret C. Campbell, associate professor of marketing, and Eric Hughson, associate professor of finance, say the announcement of Super Bowl advertising can help the stock prices of companies that have not recently advertised during the game.
The researchers also found that, in contrast, perennial Super Bowl advertisers like Budweiser do not see an impact on their stock prices, probably because investors expect them to advertise every year. They also found that any impact on stock prices occurred at the time of the announcement of the ad, rather than the day after the ad ran during the Super Bowl.
For those announcements where the corporation was not a regular Super Bowl advertiser, there was an uptick in stock price of about 1 percent on average. For regular advertisers, the stock price reaction was statistically negligible and was slightly negative.
Campbell and Hughson examined stock price histories and Super Bowl-related announcements for every publicly traded corporation that advertised during the Super Bowl from 1989 to 2003.