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Qi Ge and Brad R. Humphreys

Companies engaging celebrity athlete endorsers or sponsoring sports teams experience negative stock price impacts if athletes engage in inappropriate behavior. Most previous research assumed homogeneity in the impact of misconduct on stock prices. The authors investigated the possibility that different types of misconduct generate different impacts on stock prices. Results from a number of event study models using 863 incidents of off-field misconduct by National Football League players revealed substantial heterogeneity in the impact of these incidents. Crimes that harmed others and incidents receiving media attention generated larger negative returns.