And the CAR Goes to...Shock to Brand Capital: Evidence from the Oscars
39 Pages Posted: 7 Feb 2020 Last revised: 4 Jun 2021
Date Written: May 31, 2021
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: Suggested Citation