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Under the uncertainty of market conditions, top management and shareholders keep seeking evidence for whether a new product development project truly improves firm value. In an effort to find the evidence, this study examines the effect of firm’s innovative outcome on stock market performance. Specifically, we conduct an event study to test whether stock market reacts to preregistration marketing campaign in online game. In the business practice, the pre-registration is often considered as an important event right before the commercialization of a new game launch. In our empirical analysis on the pre-registration events and daily stock returns of game companies in 2010-2014, we find that stock market responds to the pre-registration event of a new online game positively, with the abnormal returns up to 1.49%. In addition, the stock market rewards the pre-registration events of small firms more than that of large firms. Overall results suggest that stock investors take into account the pre-registration event as economically valuable information and perceive the uncertainty of the innovation process resolved.

The Market Valuation Of Pre-Registration For Firms In The Online Gaming Industry