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This study uses event study analysis to examine the impact of Super Bowl commercials on the stock prices of sponsoring firms by product type and the frequency of ad executions. By examining 272 Super Bowl advertisements from 142 firms that aired from 2010 to 2019, the results show that the execution of Super Bowl advertising was positively associated with excess returns. In particular, the abnormal return for the day after the event represents the largest gain in excess returns over a period of ±10 days around the event day. Further, cumulative average abnormal returns (CAARs) are consistently positive right after the event day. The findings demonstrate that Super Bowl commercials yielded higher returns for low-involvement and hedonic products. The number of ad executions is found to substantially enhance the effectiveness of Super Bowl advertising.

The Market Responses to Super Bowl Advertising: The Role of Product Type and Multiple Executions