Advertising Exposure and Investor Attention: Estimates from Super Bowl Commercials

41 Pages Posted: 31 Jan 2020 Last revised: 13 Apr 2020

See all articles by Ioannis Branikas

Ioannis Branikas

University of Oregon, Lundquist College of Business, Department of Finance

Gabriel Buchbinder

University of Oregon - Charles H. Lundquist School of Business

Date Written: January 28, 2020

Abstract

Product advertising captures the attention not only of consumers but also of investors. Constructing a new measure of local investment interest on stocks from Google searches and using the Super Bowl as an experiment, we study the effects of advertising expenses on investor attention. We find that the post-game Monday attention of investors in areas with high viewership increases significantly for both local and non-local companies that air commercials. Non-local firms with high advertising exposure in a region attract more interest than local firms with low exposure, suggesting that advertising has a stronger impact on investor attention than local bias.

Keywords: Advertising, Investor Attention, Google Trends, Super Bowl Commercials, Local Bias, Household Finance

JEL Classification: D1, G02, G1, G11, G14, M3

Suggested Citation

Branikas, Ioannis and Buchbinder, Gabriel, Advertising Exposure and Investor Attention: Estimates from Super Bowl Commercials (January 28, 2020). Available at SSRN: https://ssrn.com/abstract=3527207 or http://dx.doi.org/10.2139/ssrn.3527207

Ioannis Branikas

University of Oregon, Lundquist College of Business, Department of Finance ( email )

Lundquist College of Business
1208 University of Oregon
Eugene, OR 97403
United States

Gabriel Buchbinder (Contact Author)

University of Oregon - Charles H. Lundquist School of Business ( email )

1208 University of Oregon
Eugene, OR 97403-1208
United States

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