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Do good Super Bowl commercials mean higher stock market returns?

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We test 17 years 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.

Source: “A test of the representativeness bias effect on stock prices: A study of Super Bowl commercial likeability” from Economics Letters.

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