Effect of Movie Promotion during the Super Bowl on Valuation of Actors and Actresses

This study investigates who benefits from movie trailer released during the Super Bowl events. An event study is used to examine whether movie trailer release during the Super Bowl influences the value of individual movie cast members. The event study result indicates that movie trailer release during the 2012 and 2013 Super Bowl has a favorable impact on the value of 85 cast members of 10 Super Bowl promoted movies. Positive abnormal returns for movies continuously occurred from four days prior to three days after the Super Bowl. The cumulative average abnormal return (CAAR) was significantly positive from seven days prior, indicating that movie trailer releases during the Super Bowl have a favorable impact on the value of cast members. ANOVA result shows no main effects were observed, but one two-way interaction effect between nationality and presence and one three-way interaction between three factors were found to be significant at 10% and 5% level, respectivel