廣告是日常生活中最常見行銷策略。無形中引起消費者的興趣和提升購買意願。然而，廣告得花費也是一個巨大的數字。公司渴望找到效率最佳的廣告。廣告種類眾多，其一就是創意廣告。學者提出創意廣告可以傳遞訊息，打動消費者的心。本研究，我們選擇了兩個國際公認的獎項：克裡奧獎和金鉛筆獎作為創意廣告評級指標。分析獲得創意廣告獎的是否會為公司創造價值。此外，我們試著找出廣告得獎傳遞給投資者的訊息與內涵的意義。
本研究我們使用事件研究方法來估計市場對獲得創意獎項的反應，並搭配回歸模型來解釋公司的異常收益與變數間的關係。樣本搜集於2009年至2017年的克裡奧獎和金鉛筆獎的官方網站。研究結果發現，股票市場對特定的變數有一致的積極反應，如：獎項評級。然而，獎項公宣告日的異常收益顯著為負。證明創意獎項可能不會引起投資界的太多關注。

Advertising is a common marketing strategy in our daily life. It can attract customers’ interest and purchase intention easily. However, the advertising spending is also a huge number. Firms desire to figure out what kind of advertising is worth to spend on. A wide variety of advertising, one is the creative advertising. The creative advertising is believed can push the message into viewers’ minds. In this study, I choose two internationally recognized awards: the Clio Awards and the One Show Awards as the rating indicator of creativity. Investigating the impact of winning of advertising award would increase the firm value or not. In addition, I try to figure out the initial signs carried by advertising awards.
In this study, I use event study methodology to estimate the market reaction to announcements of winning creative award and develop regression models to explain the relationship between firms’ abnormal returns and selected variables. The sample firms are collected from 2009 to 2017 on The Clio Award and The One Show Award official websites. The study result shows that stock market has a consistent positive reaction to several factors like award rank. However, the abnormal return is significantly negative on the award announcement date. The creative awards may not generate much attention from the investment community.

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