Share price reactions to advertising announcements and broadcast of media events

Greg Filbecka, Xin Zhaoa, Daniel Tompkinsb, Peggy Chongb

Research output: Contribution to journalArticlepeer-review

8 Scopus citations


Over the last two decades, marketers have gravitated toward placing their ads in specific television programs such as the Super Bowl, Academy Awards, and the last episodes of sitcoms. While anecdotal evidence of positive outcomes in the form of increased sales, phone inquiries, and hits on the web sites of advertisers, there has not been any credible measurement of investor returns in this expensive strategy. We find that firms advertising for the first time, with greater advertising expenditures relative to sales, and with more effective/creative campaigns fare better in terms of the market reaction to their campaigns.

Original languageEnglish (US)
Pages (from-to)253-264
Number of pages12
JournalManagerial and Decision Economics
Issue number4
StatePublished - Jun 2009

All Science Journal Classification (ASJC) codes

  • Business and International Management
  • Strategy and Management
  • Management Science and Operations Research
  • Management of Technology and Innovation


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