Olympic Advertisers Win Gold, Experience Stock Price Gains During and After the Games

Tomovick, Chuck,Yelkur, Rama Korean Academy of Marketing Science 2010 마케팅과학연구 Vol.20 No.1

相?多的??目的是?了?明股????和一些市??略之?的?系. 之前的?究包括?于股票价格表?和?告之?的?系, ?客服??, 新?品介?, ?究???, 名人??, 品牌感知, 品牌价???, 公司名??化, 以及??相?的?助者地位. ?一?据??可以?股?????生影?的因素是?含特殊?育事件的???告, 例如超?杯. ??指出以超?杯??材做了?告的公司股票价?都有所提升. ?告?出?告投?和股?价?提升之?的?系, 作??普通又特殊的事件, 令人吃?的是???注的?林匹克???的相??告投?以及之后的效果?股?价?的影?效果?小. 然而???果?示?林匹克???的主?地却?受?注, ?外所受?注的是?事的???播?行期??告的?政?固. 著名的包括Peters (2008), Pfanner (2008), Saini (2008), and KellerFay Group (2009). ?篇?文提出了有?在2000, 2004以及2008年夏季?林匹克???期?在美??家?播中?行????告宣?的客?的?究.以下?所??的五?假?: 假?一: 2008, 2004和2000年在美????播中播放???告的公司股票价格在同期比斯坦普500股票价格指?表?要好. 假?二: ??相?股票价格比斯坦普500股票价格指?在整??告播放期?都表?的更好, 播放期?是指????始前的周一到?年年底. 假?三: ??相?股票价格比斯坦普500股票价格指??期都表?的更好, ?期是指????始前的周一第二年的年中. 假?四: 在?有???的期?, ??相?股票价格和斯坦普500股票价格指???有明?差?. 假?五: 在美????播中播放???告的公司的?年年?比其他非??年?要好. 本?究??在?去三????期?做?告公司的股票价格(北京??, 雅典好?, 悉尼??). 我?通?Google和????(例如NBC)??定?些?告. NBC在?去的三?????得了在美??播?. 我?使用互????定?些做??告的品牌的母公司. 股票价格是通?使用Yahoo???道??得的. 本文所使用的所有的信息都是被公?的信息. ?共有117????告在2008, 2004和2000年在美?播放. ??可以??例1中?得. ?果表明?些??相?股票在??期?以及??前期比斯坦普500股票价格指?表?要好. 相同的?果也可以在???始以后到?年年底, 以及之后半年的??中?得. 价格?力, 信?理?, 高收?率, 以及企?的刺激?略都??一??果有着??. ?文最后??告商和?究者提出了建???以后的?究提出了方向. There has been considerable research examining the relationship between stockholders equity and various marketing strategies. These include studies linking stock price performance to advertising, customer service metrics, new product introductions, research and development, celebrity endorsers, brand perception, brand extensions, brand evaluation, company name changes, and sports sponsorships. Another facet of marketing investments which has received heightened scrutiny for its purported influence on stockholder equity is television advertisement embedded within specific sporting events such as the Super Bowl. Research indicates that firms which advertise in Super Bowls experience stock price gains. Given this reported relationship between advertising investment and increased shareholder value, for both general and special events, it is surprising that relatively little research attention has been paid to investigating the relationship between advertising in the Olympic Games and its subsequent impact on stockholder equity. While attention has been directed at examining the effectiveness of sponsoring the Olympic Games, much less focus has been placed on the financial soundness of advertising during the telecasts of these Games. Notable exceptions to this include Peters (2008), Pfanner (2008), Saini (2008), and Keller Fay Group (2009). This paper presents a study of Olympic advertisers who ran TV ads on NBC in the American telecasts of the 2000, 2004, and 2008 Summer Olympic Games. Five hypothesis were tested: H1: The stock prices of firms which advertised on American telecasts of the 2008, 2004 and 2000 Olympics (referred to as O-Stocks), will outperform the S&P 500 during this same period of time (i.e., the Monday before the Games through to the Friday after the Games). H2: O-Stocks will outperform the S&P 500 during the medium term, that is, for the period of the Monday before the Games through to the end of each Olympic calendar year (December 31st of 2000, 2004, and 2008 respectively). H3: O-Stocks will outperform the S&P 500 in the longer term, that is, for the period of the Monday before the Games through to the midpoint of the following years (June 30th of 2001, 2005, and 2009 respectively). H4: There will be no difference in the performance of these O-Stocks vs. the S&P 500 in the Non-Olympic time control periods (i.e. three months earlier for each of the Olympic years). H5: The annual revenue of firms which advertised on American telecasts of the 2008, 2004 and 2000 Olympics will be higher for those years than the revenue for those same firms in the years preceding those three Olympics respectively. In this study, we recorded stock prices of those companies that advertised during the Olympics for the last three Summer Olympic Games (i.e. Beijing in 2008, Athens in 2004, and Sydney in 2000). We identified these advertisers using Google searches as well as with the help of the television network (i.e., NBC) that hosted the Games. NBC held the American broadcast rights to all three Olympic Games studied. We used Internet sources to verify the parent companies of the brands that were advertised each year. Stock prices of these parent companies were found using Yahoo! Finance. Only companies that were publicly held and traded were used in the study. We identified changes in Olympic advertisers' stock prices over the four-week period that included the Monday before through the Friday after the Games. In total, there were 117 advertisers of the Games on telecasts which were broadcast in the U.S. for 2008, 2004, and 2000 Olympics. Figure 1 provides a breakdown of those advertisers, by industry sector. Results indicate the stock of the firms that advertised (O-Stocks) out-performed the S&P 500 during the period of interest and under-performed the S&P 500 during the earlier control periods. These same O-Stocks also outperformed the S&P 500 from the start of these Games through to the end of each Olympic year, and for six month

Olympic Advertisers Win Gold, Experience Stock Price Gains During and After the Games

Chuck Tomovick,Rama Yelkur 한국마케팅과학회 2010 마케팅과학연구 Vol.20 No.1

There has been considerable research examining the relationship between stockholders equity and vanous marketing strategies. These include studies linking stock price perfonnance to advertising, customer service metrics, new product introductions,research and development, celebrity endorsers, brand perception, brand extensions, brand evaluation, company name changes, and sports sponsorships. Another facet of marketing investments which has received heightened scrutiny for its purported influence on stockholder equity is television advertisement embedded within specific sporting events such as the Super Bowl. Research indicates that finns which advertise in Super Bowls experience stock price gains. Given this reported relationship between advertising investment and increased shareholder value, for both general and special events, it is surprising that relatively little research attention has been paid to investigating the relationship between advertising in the Olympic Games and its subsequent impact on stockholder equity. While attention has been directed at examining the effectiveness of sponsoring the Olympic Games, much less focus has been placed on the financial soundness of advertising during the telecasts of these Games. Notable exceptions to this include Peters (2008), Pfanner (2008), Saini (2008), and Keller Fay Group (2009). This paper presents a study of Olympic advertisers who ran TV ads on NBC in the American telecasts of the 2000, 2004, and 2008 Summer Olympic Games. Five hypothesis were tested: HI: The stock prices of finns which advertised on American telecasts of the 2008, 2004 and 2000 Olympics (referred to as O-Stocks), will outperfonn the S&P 500 during this same period of time (i.e., the Monday before the Games through to the Friday after the Games). H2: a-Stocks will outperfonn the S&P 500 during the medium tenn, that is, for the period of the Monday before the Games through to the end of each Olympic calendar year (December 31 st of 2000, 2004, and 2008 respectively). H3: a-Stocks will outperfonn the S&P 500 in the longer tenn, that is, for the period of the Monday before the Games through to the midpoint of the following years (June 30th of 200 I, 2005, and 2009 respectively). H4: There will be no difference in the perfonnance of these O-Stocks vs. the S&P 500 in the Non-Olympic time control periods (i.e. three months earlier for each of the Olympic years). H5: The annual revenue of finns which advertised on Amelican telecasts of the 2008, 2004 and 2000 Olympics will be higher for those years than the revenue for those same finns in the years preceding those three Olympics respectively. In this study, we recorded stock prices of those companies that advertised during the Olympics for the last three Summer Olympic Games (i.e. Beijing in 2008, Athens in 2004, and Sydney in 2000). We identified these advertisers using Google searches as well as with the help of the television network (i.e., NEC) that hosted the Games. NEC held the American broadcast rights to all three Olympic Games studied. We used Intemet sources to verify the parent companies of the brands that were advertised each year. Stock prices of these parent companies were found using Yahoo! Finance. Only companies that were publicly held and traded were used in the study. We identified changes in Olympic advertisers' stock prices over the four-week period that included the Monday before through the Friday after the Games. In total, there were 117 advertisers of the Games on telecasts which were broadcast in the U.S. for 2008, 2004, and 2000 Olympics. Figure I provides a breakdown of those advertisers, by industry sector. Results indicate the stock of the finns that advertised (O-Stocks) out-perfonned the S&P 500 during the period of interest and under-perfonned the S&P 500 during the earlier control periods.