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ABSTRACT This study investigated the relationship between Super Bowl advertising and advertisers9 market valuation, identifying several factors that influence the financial rewards of this media-placement strategy. Specifically, the authors examined the impact of each commercial9s featured characters and appeals—and the product benefits promoted—on abnormal stock returns for sponsoring companies that appear in Super Bowl advertising. Event study results showed that Super Bowl advertising is positively related to abnormal stock returns for advertisers. Cross-sectional regression analyses also indicated that market value of Super Bowl advertisers is positively related to likeable characters, emotional appeals, and approach messaging. The combined use of likeable characters with either emotional appeals or approach messages also is positively associated with firm valuation.
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