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Football Championships and Jersey Sponsors' Stock Prices: An Empirical Investigation

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  • Michael Hanke

    ()

  • Michael Kirchler

    ()

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    Abstract

    Corporate 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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    File URL: http://eeecon.uibk.ac.at/wopec2/repec/inn/wpaper/2010-07.pdf
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    Bibliographic Info

    Paper provided by Faculty of Economics and Statistics, University of Innsbruck in its series Working Papers with number 2010-07.

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    Length: 31
    Date of creation: Mar 2010
    Date of revision:
    Handle: RePEc:inn:wpaper:2010-07

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    Keywords: Sports sponsorship; Advertising; Stock market efficiency;

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    1. Newey, Whitney K & West, Kenneth D, 1987. "A Simple, Positive Semi-definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix," Econometrica, Econometric Society, vol. 55(3), pages 703-08, May.
    2. David Hirshleifer, 2001. "Investor Psychology and Asset Pricing," Journal of Finance, American Finance Association, vol. 56(4), pages 1533-1597, 08.
    3. Andersson, Patric & Edman, Jan & Ekman, Mattias, 2005. "Predicting the World Cup 2002 in soccer: Performance and confidence of experts and non-experts," International Journal of Forecasting, Elsevier, vol. 21(3), pages 565-576.
    4. John Clark & T. Cornwell & Stephen Pruitt, 2009. "The impact of title event sponsorship announcements on shareholder wealth," Marketing Letters, Springer, vol. 20(2), pages 169-182, June.
    5. Alex Edmans & Diego García & Øyvind Norli, 2007. "Sports Sentiment and Stock Returns," Journal of Finance, American Finance Association, vol. 62(4), pages 1967-1998, 08.
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