A test of the representativeness bias effect on stock prices: A study of Super Bowl commercial likeability
We test 17years of Super Bowl commercials, finding that "liked" commercials coincide with higher stock returns, despite controls for firm size and changes in sales. This is consistent with representativeness bias, the irrational relation of firm characteristics to returns.
Year of publication: |
2009
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Authors: | Chang, Charles ; Jiang, Jing ; Kim, Kenneth A. |
Published in: |
Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 103.2009, 1, p. 49-51
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Publisher: |
Elsevier |
Keywords: | Representativeness bias Super Bowl Investment decision making |
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