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May 22, 2015 Did the Mad Men Finale Have a Stock Market Effect? A study of 165 TV series finales shows that the wave of negative mood caused by the end of a popular and beloved show reduces the net demand for risky assets and decreases aggregate stock returns, says Gabriele M. Lepori of Copenhagen Business School. Specifically, if the number of viewers of a finale is 1 standard deviation above Lepori’s sample average, stock returns fall approximately 25 basis points the next day, all else constant. The day after the May 17, 2015, finale of the drama Mad Men, which drew 3.3 million live and same-day viewers, the Dow Jones Industrial Average fell 0.15%. SOURCE: Investor mood and demand for stocks: Evidence from popular TV series finales

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