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Qi Ge and Brad R. Humphreys

of annual data—this application highlights the importance of broadening standard data sets to big data by linking them to other data sources, expanding the number of variables available to researchers and the research questions that can be answered. Results from event study models estimated

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Kaveepong Lertwachara, Jittima Tongurai, and Pattana Boonchoo

the event study approach, a form of analysis well known in the finance literature, to capture the abnormal FDI of host countries around the announcement years and the event years. This study covers the longest possible sample of mega sporting events covered in the extant literature (i.e., from 1960 to

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Thomas W. Doellman, Brian R. Walkup, Adrien Bouchet, and Brian R. Chabowski

-profile sport entities. An early event study analyzing sponsorship of professional sport arenas and the Olympic Games found a positive impact on sponsors’ firm value ( Mishra, Bobinski, & Bhabra, 1997 ). Studies by Miyazaki and Morgan ( 2001 ) and Farrell and Frame ( 1997 ) both examined the impact of

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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.

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Adrien Bouchet, Thomas W. Doellman, Mike Troilo, and Brian R. Walkup

event study method, the authors found that the announcement of the sample’s kit sponsorship deals was associated with negative abnormal stock returns, on average. The negative return result is consistent with prior findings on sport sponsorship (see, e.g.,  Bouchet, Doellman, Troilo, & Walkup, 2015

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Kamran Eshghi, Hesam Shahriari, and Sourav Ray

sales, and so on. To this end, we use the event study method and stock price reactions to sports sponsorship announcements. A second challenge we face relates to the measurement of marketing capability. For this, we base our measurement on RBV theory and use the traditional stochastic frontier

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Alana Thomson, Kristine Toohey, and Simon Darcy

Sport event studies have demonstrated that relevant stakeholders must share objectives and coordinate efforts to leverage a large-scale sport event to secure positive legacies. However, the challenging and complex task of collaboration between networks of diverse organizational stakeholders to secure legacies has received little scholarly attention. In this conceptual paper, the authors explore, through a political economy lens, differences between the political economies of sports and sport events pertaining to mass sport participation legacies. The authors focus on the mesolevel and consider how divergences in political economy elements—structure and context, stakeholders and ideas/incentives, and bargaining processes—influence the likelihood of mass sport participation legacies from large-scale sport events. The authors suggest a need for event legacy stakeholders to engage more meaningfully with the complexities surrounding securing mass sport participation legacies. In addition, they provide pragmatic, actionable implications for policy and practice to assist stakeholders in addressing the challenges they face to maximize legacy outcomes.

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Chengli Tien, Huai-Chun Lo, and Hsiou-Wei Lin

This study concerns research related to mega events, such as the Olympic Games, to determine whether the economic impact of the Olympic Games on the host countries is significant. This study uses two methods, panel data analysis and event study, to test hypotheses based on the data from 15 countries that have hosted 24 summer and winter Olympic Games. The results indicate that the economic impact of the Olympic Games on the host countries is only significant in terms of certain parameters (i.e., gross domestic product performance and unemployment) in the short term. These findings provide decision makers with comprehensive and multidimensional knowledge about the economic impact of hosting a mega event and about whether their objectives can be realized as expected.

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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.

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Brian Goff, Dennis P. Wilson, W. Currie Martin, and Brandon Spurlock

Our study examines the impact of the transition from NCAA Football Championship Series (FCS) participation to Football Bowl Series (FBS) participation on demand for university football. The primary empirical analysis uses 23 schools that transitioned to the FBS between 1987 and 2013 to examine attendance effects. We first examine the change as a type of event study and estimate the impact in a short run “transition window” of the 5 years leading up to and after the transition. We then estimate the long run impact of membership on annual attendance over a period extending from 5 years before transition through 2013 for all transition schools. Finally, we estimate impact on an alternative sample that includes a control group of top performing FCS schools that have not transitioned to FBS. The results derived from these panel regressions indicate a substantial positive impact on per game attendance over the transition period and for many years beyond the transition. (JEL codes: L83, L29.)