오운선수작위엄고대언인영득금패(奥运选手作为广告代言人赢得金牌), 비새중화비새후적고표개격상양(比赛中和比赛后的股票价格上扬)

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

相当多的调查目的是为了证明股东资产值和一些市场战略之间的关系. 之前的研究包括关于股票价格表现和广告之间的关系, 顾客服务学, 新产品介绍, 研究与开发, 名人转让, 品牌感知, 品牌价值评估, 公司名称变化, 以及运动相关的赞助者地位. 另一个据调查可以对股东资产值产生影响的因素是内含特殊体育事件的电视广告, 例如超级杯. 调查指出以超级杯为题材做了广告的公司股票价值都有所提升. 报告给出广告投资和股东价值提升之间的关系, 作为既普通又特殊的事件, 令人吃惊的是调查关注的奥林匹克运动会的相关广告投资以及之后的效果对股东价值的影响效果较小. 然而调查结果显示奥林匹克运动会的主办地却备受关注, 另外所受关注的是赛事的电视广播进行期间广告的财政稳固. 著名的包括Peters (2008), Pfanner (2008), Saini (2008), and KellerFay Group (2009). 这篇论文提出了有关在2000, 2004以及2008年夏季奥林匹克运动会期间在美国国家广播中进行过电视广告宣传的客户的研究.以下为所验证的五个假设: 假设一: 2008, 2004和2000年在美国电视广播中播放奥运广告的公司股票价格在同期比斯坦普500股票价格指数表现要好. 假设二: 奥运相关股票价格比斯坦普500股票价格指数在整个广告播放期间都表现的更好, 播放期间是指从奥运开始前的周一到当年年底. 假设三: 奥运相关股票价格比斯坦普500股票价格指数长期都表现的更好, 长期是指从奥运开始前的周一第二年的年中. 假设四: 在没有奥运会的期间, 奥运相关股票价格和斯坦普500股票价格指数间没有明显差异. 假设五: 在美国电视广播中播放奥运广告的公司的当年年报比其他非奥运年份要好. 本研究记录在过去三届奥运会期间做广告公司的股票价格(北京奥运, 雅典好运, 悉尼奥运). 我们通过Google和电视网络(例如NBC)来确定这些广告. NBC在过去的三届奥运会获得了在美国转播权. 我们使用互联网来确定这些做过广告的品牌的母公司. 股票价格是通过使用Yahoo财经频道来获得的. 本文所使用的所有的信息都是被公开的信息. 总共有117个奥运广告在2008, 2004和2000年在美国播放. 细节可以从图例1中获得. 结果表明这些奥运相关股票在奥运期间以及奥运前期比斯坦普500股票价格指数表现要好. 相同的结果也可以在奥运开始以后到当年年底, 以及之后半年的记录中获得. 价格压力, 信号理论, 高收视率, 以及企业的刺激战略都对这一个结果有着贡献. 论文最后为广告商和研究者提出了建议并对以后的研究提出了方向.

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 months beyond that. Price pressure linkage, signaling theory, high involvement viewers, and corporate activation strategies are believed to contribute to these positive results. Implications for advertisers and researchers are discussed, as are study limitations and future research directions.