05 060 copyright 2005 by anita elberse and bharat anand working papers are in draft form this paper is distributed for purposes of comment discussion only it may not be reproduced without permission the holder copies available from author advertising expectations effectiveness pre release motion pictures harvard business school series no assistant professor soldiers field boston ma 02163 usa phone 617 495 6080 fax 496 5853 email aelberse hbs edu corresponding 5082 5859 banand june 6 2006 acknowledgements we grateful to alex costakis managing director hollywood stock exchange generously providing part data used study also thank al silk peter rossi participants at 2004 marketing science conference erasmus university rotterdam northeast consortium cornell many helpful comments