Is the Money Spent on Short-Form Video Social Platforms Worth It? The Role of Advertising Spillover in a Large-Scale Randomized Field Experiment on ByteDance

• Yitian LiangTsinghua University
• Xinlei (Jack) ChenCheung Kong Graduate School of Business
• Shengnan Han
• Jinglong ZhangUniversity of Science and Technology of China
• Yubo ChenTsinghua University