L’influence du parrainage sportif sur le cours de Bourse des parrains: une étude d’événements

Sébastien Soulez

No 1204, Cahiers du CEREFIGE from CEREFIGE (Centre Europeen de Recherche en Economie Financiere et Gestion des Entreprises), Universite de Lorraine

Abstract: The aim of this paper is to measure the relationship between sports sponsorship announcements and the stock prices of sponsors. The results of an event study show that, overall, the announcement of a sponsorship agreement, as well as the announcement of the non-renewal of a sponsorship agreement, do not significantly affect the stock prices of sponsors. However, the announcement of a sponsorship agreement with a sports team generates abnormal returns of 1.60% over the [-5; 5] window while the announcement of a sponsorship agreement for an event generates abnormal returns of -0.48% over the [0; 1] window. The results also show that the sponsorship of sports with a good image (rugby, sailing) generates positive abnormal returns while the sponsorship of sports with a poor image (football, cycling) results in negative abnormal returns. Finally, a strategy of single-sport sponsorship is valued by the market (RAMC of 1.09% on the [-5, 5] window). These findings, which deepen and sometimes challenge the results of previous research, can discuss the effectiveness of sports sponsorship from a financial point of view.

Keywords: sports sponsorship; sports marketing; event studies; stock prices; financial value of marketing. (search for similar items in EconPapers)
Pages: 21 pages
Date: 2012, Revised 2012
New Economics Papers: this item is included in nep-spo
References: Add references at CitEc
Citations:

Downloads: (external link)
http://cerefige.univ-lorraine.fr/sites/cerefige.un ... recherche_soulez.pdf
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://cerefige.univ-lorraine.fr/sites/cerefige.univ-lorraine.fr/files/users/12-04_cahier_recherche_soulez.pdf [301 Moved Permanently]--> https://cerefige.univ-lorraine.fr/sites/cerefige.univ-lorraine.fr/files/users/12-04_cahier_recherche_soulez.pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fie:wpaper:1204

Access Statistics for this paper

More papers in Cahiers du CEREFIGE from CEREFIGE (Centre Europeen de Recherche en Economie Financiere et Gestion des Entreprises), Universite de Lorraine Contact information at EDIRC.
Bibliographic data for series maintained by Sebastien Liarte ().