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The influence of title sponsorships in sports events on stock price returns

Masaki Kudo (Visiting Scholar, Department of Tourism, Recreation and Sport, Management, University of Florida)
Yong Jae Ko (Associate Professor, Department of Tourism, Recreation, and Sport, Management, University of Florida,186C Florida Gym, PO Box 118208, Gainesville, FL 32611-8208)
Matthew Walker (Assistant Professor, Department of Health and Kinesiology, Texas A&M University)
Daniel P Connaughton (Professor, Department of Tourism, Recreation and Sport Management, University of Florida)

International Journal of Sports Marketing and Sponsorship

ISSN: 1464-6668

Article publication date: 1 January 2015

Abstract

The purpose of this study was to examine stock price abnormal returns following title sponsorship announcement and event date of NASCAR, the PGA Tour, and the LPGA Tour. For this purpose, the authors used event study analysis where the analysis measures the impact that a specific event has on stock prices by comparing actual stock returns to estimated returns (Spais & Filis, 2008). An event study analysis demonstrated that title sponsors for the LPGA Tour and NASCAR garnered significant stock price increases on both the announcement date and the event date. The moderator tests suggested that high image congruence and high-technology related sponsorships assumed a key role in stock price increases.

Keywords

Citation

Kudo, M., Jae Ko, Y., Walker, M. and Connaughton, D.P. (2015), "The influence of title sponsorships in sports events on stock price returns", International Journal of Sports Marketing and Sponsorship, Vol. 16 No. 2, pp. 37-56. https://doi.org/10.1108/IJSMS-16-02-2015-B004

Publisher

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Emerald Group Publishing Limited

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