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

. , & Walkup , B.R. ( 2015 ). The impact on international football matches on primary sponsors and shareholder wealth . Journal of Sport Management, 29 ( 2 ), 200 – 210 . doi: 10.1123/JSM.2013-0285 Bouchet , A. , Doellman , T.W. , Troilo , M. , & Walkup , B.R. ( 2017 ). Preempting the

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Shi Lei, Chinmoy Ghosh, and Han Srinivasan

Corporate partnerships with professional sport leagues are growing rapidly. How can we assess the value of such partnerships? Using an event study method, this research examined the economic effects of corporate partnerships with six professional sport organizations (NFL, MLB, NBA, NASCAR, NHL, and PGA). Three new interesting results were found. (1) Though a partnering firm experiences a net-of-market increase in shareholders’ value of 2.93% from a new corporate partnership with a professional sport league at the two-day window (0, +1), renewals of corporate partnerships induced a significant net-of-market decrease of 1.12% during the same window of time. (2) Cross-sectional analysis revealed that superior performing firms as well as firms with higher institutional and moderate managerial ownership benefitted more than the average, and (3) the integrations of the partnerships with other business strategies elicited different responses from the investment community. Overall, a strategic implication was that marketing-focused partnerships in financially sound, well-managed firms contributed the most to enhancement in shareholders’ wealth.

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

utilized. Fama, Fisher, Jensen, and Roll ( 1969 ) pioneered its use and it remains the most common across disciplines for studies on the effect of information events on firm market value. Directly related to this study, it is also the chosen method for the impact of sport sponsorship on shareholder wealth

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Kamran Eshghi, Hesam Shahriari, and Sourav Ray

Marketing and Sponsorship, 19 ( 1 ), 11 – 24 . doi: 10.1108/IJSMS-09-2016-0063 Bouchet , A. , Doellman , T.W. , Troilo , M. , & Walkup , B.R. ( 2015 ). The impact of international football matches on primary sponsors and shareholder wealth . Journal of Sport Management, 29 ( 2 ), 200 – 210

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Jonathan A. Jensen and T. Bettina Cornwell

primary sponsors and shareholder wealth . Journal of Sport Management, 29 ( 2 ), 200 – 210 . doi: 10.1123/JSM.2013-0285 Box-Steffensmeier , J.M. , & Jones , B.S. ( 2004 ). Event history modeling: A guide for social scientists. Cambridge, UK : Cambridge University Press . 10.1017/CBO

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Jesse King and Robert Madrigal

-linked marketing and shareholder wealth . Journal of Advertising Research, 41 ( 1 ), 17 – 31 . doi:10.2501/JAR-41-1-17-31 10.2501/JAR-41-1-17-31 Cornwell , B. , Weeks , C. , & Roy , D. ( 2005 ). Sponsorship-linked marketing: Opening the black box . Journal of Advertising, 34 ( 2 ), 21 – 42 . doi:10

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Daniel Yang and Kathy Babiak

.2307/2393153 10.2307/2393153 Godfrey , P. ( 2005 ). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective . Academy of Management Review, 30 ( 4 ), 777 – 798 . doi:10.5465/amr.2005.18378878 10.5465/amr.2005.18378878 Godfrey , P. ( 2009 ). Corporate social

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Kathy Babiak and Stacy-Lynn Sant

.1016/j.chb.2014.05.044 10.1016/j.chb.2014.05.044 Godfrey , P. ( 2005 ). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective . Academy of Management Review, 30 ( 4 ), 777 – 798 . doi:10.2307/20159168 10.5465/amr.2005

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Ted Hayduk III and Matt Walker

of Sport Management, 17 ( 4 ), 394 – 416 . doi:10.1123/jsm.17.4.394 10.1123/jsm.17.4.394 Clark , J.M. , Cornwell , T.B. , & Pruitt , S.W. ( 2002 ). Corporate stadium sponsorships, signalling theory, agency conflicts and shareholder wealth . Journal of Advertising Research, 42 ( 6 ), 16