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Football championsh...
Football championships and jersey sponsors' stock prices: an empirical investigation
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Hanke, M. (author)
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- Kirchler, Michael, 1977 (author)
- Gothenburg University,Göteborgs universitet,Centrum för finans,Institutionen för nationalekonomi med statistik,Centre for Finance,Department of Economics
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(creator_code:org_t)
- Informa UK Limited, 2013
- 2013
- English.
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In: European Journal of Finance. - : Informa UK Limited. - 1351-847X .- 1466-4364. ; 19:3, s. 228-241
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Abstract
Subject headings
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- Corporate sports sponsorship is an important part of many companies' corporate communication strategy. In this paper, 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 match 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 is difficult to reconcile with the efficient markets hypothesis.
Subject headings
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business (hsv//eng)
Keyword
- sports sponsorship
- advertising
- stock market efficiency
- event study
- G14
- announcements
Publication and Content Type
- ref (subject category)
- art (subject category)
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