In the U.S., the Super Bowl attracts more viewers and media attention for its advertising than any other single event for the year (Tomkovick et al., 2011). Previous research focuses on factors of the effectiveness of Super Bowl ads. A majority of these studies explores their impact on short-term effectiveness measures such as recall, buzz, or, most commonly, ad likeability (e.g., Cheong and Kim, 2012; Li, 2010; Nail, 2007; Newell et al., 2001; Tomkovick et al., 2001). However, prior research on whether Super Bowl ads have a positive impact on stock prices has not provided consistent results. Thus, more attention should be paid to the marketing productivity and measures of return, including customer equity (e.g., Rust et al., 2004). Drawing on the brand value chain (Keller and Lehmann, 2003), we hypothesize that customer equity mediates the relationship between Super Bowl ads and firm value. Using event study methodology, we analyze a sample of 62 ads for which data is available on both measures that represent customer equity and stock price from the Super Bowls from 2008 to 2012. We find that Super Bowl ads can be worth the large investment, but only if they enhance consumers' brand favorability ratings. The reverse also holds in that a negative impact on stock return is expected when a Super Bowl ad reduces brand favorability.

• Sascha Raithel(Ludwig-Maximilians-University)
• Charles R. Taylor(Villanova University)
• Stefan J. Hock(Virginia Tech University)