States) Marketing capability Yes Marketing capability, renewal, property type, book leverage, ROE, market value (size), popularity of the sport, multiyear contract, competitive dynamisms, and market munificence Note . CAR = cumulative abnormal returns; ROA = return on asset; ROE = return on equity
Kamran Eshghi, Hesam Shahriari, and Sourav Ray
Adrien Bouchet, Thomas W. Doellman, Mike Troilo, and Brian R. Walkup
daily abnormal returns are then summed over an event window to determine the cumulative abnormal return (CAR) over a number of trading days surrounding the event. The CARs for each firm in the event study are then averaged to determine the sample’s cumulative average abnormal return (CAAR), which gives
Klaus Schredelseker and Fedja Fidahic
Due to the global financial crisis, the investments of car manufacturers are going to be revised as never before; especially this is the case for any kind of commitment in sport sponsoring. In Formula One on the one hand costs are exploding, on the other hand money becomes shortened. That is why it becomes interesting to know to what extent a manufacturer’s involvement in this sport is worth it. We use an event study methodology analyzing the stock market response after race performances from 2005 to 2007. Our main results: McLaren- Mercedes and Fiat-Ferrari generate positive abnormal returns after wins for DaimlerChrysler and Fiat, and significantly weaker abnormal returns after losses. Conversely, returns for Renault change in an opposite way.
Adrien Bouchet, Thomas W. Doellman, Michael Troilo, and Brian R. Walkup
The effect of sponsorship on the stock market returns of the sponsoring companies has been previously studied, but the internationalizing aspect of sponsorship has been overlooked. We examine returns to shareholders for firms sponsoring international football matches using an event study analysis. We find that there are cumulative abnormal returns to stockholders of sponsoring firms of international matches 10 days after the match and 20 days after the match. This finding is robust across several different event-study methods. We also find this general pattern across different professional football leagues, as well as a positive effect on returns by sponsoring high-profile football clubs. We theorize that the elapsed time until the effect on the stock price is the result of building brand awareness before a shift in the price becomes evident. These findings add nuance to the literature on sponsorship and event studies, which is almost exclusively domestic in character.
Qi Ge and Brad R. Humphreys
off-field misconduct. Because the league strengthened the policy over time, off-field violations in Regime 3 should be more surprising than those in Regime 1 or Regime 2. Player off-field misconduct during Regime 3 should generate larger negative abnormal returns for the implicated companies endorsing
Thomas W. Doellman, Brian R. Walkup, Adrien Bouchet, and Brian R. Chabowski
the estimated expected return assuming the event had not occurred. Thus, the abnormal return attempts to capture the change in firm value attributable to the event. Within the event study framework, daily abnormal returns are calculated within an event window around the event for which the study is