The Super Bowl and Advertising: An Analysis of Firm Enhancement

This paper conducts an analysis of the short-term Firm Value Enhancement that companies experience during large-scale advertising campaigns, such as the Super Bowl. The findings suggest that these firms may experience a positive or negative return during the days after a large event, by signaling to investors and consumers the value of their firm through their advertisements. Some of the highlights include an approximately – 5% return for Super Bowl Advertisers on the Monday after the event, and underperformance during the two weeks surrounding the event