And the AR Goes to... Shock to Brand Capital: Evidence from the Oscars

26 Pages Posted: 7 Feb 2020

See all articles by Nataliya Gerasimova

Nataliya Gerasimova

Norwegian School of Economics (NHH) - Department of Finance

Damiano Maggi

Norwegian School of Economics (NHH) - Department of Finance

Date Written: November 26, 2019

Abstract

We identify the effect of changes in the brand capital on stock market performance. Using hand-collected data on the red carpet outfits during the Academy Awards ceremonies, we find that companies providing outfits to nominees experience a positive stock market performance with respect to a control group of comparables. This outperformance is unlikely to be attributable to differential risk, while Google search trends suggest the Academy Awards ceremonies have a positive impact on investor attention.

Keywords: Brand, Intangible Capital, Returns, Event Study, Investor Attention

JEL Classification: G32, G14, G12, E22

Suggested Citation

Gerasimova, Nataliya and Maggi, Damiano, And the AR Goes to... Shock to Brand Capital: Evidence from the Oscars (November 26, 2019). Available at SSRN: https://ssrn.com/abstract=3525644 or http://dx.doi.org/10.2139/ssrn.3525644

Nataliya Gerasimova (Contact Author)

Norwegian School of Economics (NHH) - Department of Finance ( email )

Helleveien 30
N-5045 Bergen
Norway

Damiano Maggi

Norwegian School of Economics (NHH) - Department of Finance ( email )

Helleveien 30
N-5045 Bergen
Norway

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