A test of the representativeness bias effect on stock prices: A study of Super Bowl commercial likeability

被引：10

作者：

Chang, Charles ^{[2
]}

Jiang, Jing

Kim, Kenneth A. ^{[1
]}

机构：

[1] SUNY Buffalo, Sch Management, Jacobs Management Ctr, Buffalo, NY 14260 USA

[2] Cornell Univ, Ithaca, NY 14853 USA

来源：

ECONOMICS LETTERS | 2009年 / 103卷 / 01期

关键词：

Representativeness bias; Super Bowl; Investment decision making;

D O I：

10.1016/j.econlet.2009.01.018

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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. (C) 2009 Elsevier B.V. All rights reserved.

引用

页码：49 / 51

页数：3

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