The influence of title sponsorships in sports events on stock price returns

The influence of title sponsorships in sports events on stock price returns The purpose of this study was to examine stock price abnormal returns following title sponsorship announcement and event date of NASCAR, the PGA Tour, and the LPGA Tour. For this purpose, the authors used event study analysis where the analysis measures the impact that a specific event has on stock prices by comparing actual stock returns to estimated returns (Spais & Filis, 2008). An event study analysis demonstrated that title sponsors for the LPGA Tour and NASCAR garnered significant stock price increases on both the announcement date and the event date. The moderator tests suggested that high image congruence and high-technology related sponsorships assumed a key role in stock price increases. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Sports Marketing and Sponsorship Emerald Publishing

The influence of title sponsorships in sports events on stock price returns

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1464-6668
DOI
10.1108/IJSMS-16-02-2015-B004
Publisher site
See Article on Publisher Site

Abstract

The purpose of this study was to examine stock price abnormal returns following title sponsorship announcement and event date of NASCAR, the PGA Tour, and the LPGA Tour. For this purpose, the authors used event study analysis where the analysis measures the impact that a specific event has on stock prices by comparing actual stock returns to estimated returns (Spais & Filis, 2008). An event study analysis demonstrated that title sponsors for the LPGA Tour and NASCAR garnered significant stock price increases on both the announcement date and the event date. The moderator tests suggested that high image congruence and high-technology related sponsorships assumed a key role in stock price increases.

Journal

International Journal of Sports Marketing and SponsorshipEmerald Publishing

Published: Jan 1, 2015

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