Corporate sport sponsorship and stock returns: Evidence from the NFL

Assaf Eisdorfer; Elizabeth Kohl

doi:10.1561/104.0000041

Corporate sport sponsorship and stock returns: Evidence from the NFL

Assaf Eisdorfer, Elizabeth Kohl

Accounting and Finance

University of Connecticut

Research output: Contribution to journal › Article › peer-review

5 Scopus citations

Abstract

Most home stadiums/arenas of major-sport teams in the U.S. are sponsored by large publicly traded companies. Using NFL data we find that stock returns to the sponsoring firms are affected by the outcomes of games played in their stadiums. Wins in Monday night games generate next-day abnormal returns 50 basis points higher than losses. The effect is 80 basis points in the post-season and when the game outcome is unexpected. This does not revert over the next few days. Outcomes of NFL games could serve as a reasonably exogenous instrument for investor sentiment.

Original language	English
Pages (from-to)	179-209
Number of pages	31
Journal	Critical Finance Review
Volume	6
DOIs	https://doi.org/10.1561/104.0000041
State	Published - 2017

Keywords

Sport sponsorship
Stock returns

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10.1561/104.0000041

Cite this

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Corporate sport sponsorship and stock returns: Evidence from the NFL

Abstract

Keywords

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