Football Championships and Jersey Sponsors' Stock Prices: An Empirical Investigation
AbstractCorporate sports sponsorship is an important part of many companies? corporate communication strategy. We take the example of major football tournaments to show that sponsorship indeed affects the sponsor?s (stock) market value. We find a statistically significant impact of football results (at an individual game level) of the seven most important football nations at European and World Championships on the stock prices of jersey sponsors. In general, the more important a match and the less expected its result, the higher its impact. In addition, we find a form of ?mere exposure?-effect which contradicts the efficient markets hypothesis.
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Bibliographic InfoPaper provided by Faculty of Economics and Statistics, University of Innsbruck in its series Working Papers with number 2010-07.
Date of creation: Mar 2010
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Sports sponsorship; Advertising; Stock market efficiency;
Find related papers by JEL classification:
- G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-03-28 (All new papers)
- NEP-FMK-2010-03-28 (Financial Markets)
- NEP-SPO-2010-03-28 (Sports & Economics)
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