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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.

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.)

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.

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.