Critical Finance Review, 2017(Forthcoming)

公司體育贊助與股票收益：來自國家橄榄球聯盟的證據

作者：Assaf Eisdorfer (University of Connecticut), Elizabeth Kohl (University of Connecticut)

摘要：美國主要運動項目隊伍的大多數主場體育場（場館）都是由大型公開上市的公司贊助的。利用國家橄榄球聯盟（NFL）的數據，我們發現，贊助公司的股票收益受到在它們體育場進行的比賽的結果影響。周一晚上比賽獲勝帶來的次日超額收益比失利高0.5%，若是季後賽或者比賽結果出人意料的話，該效應提高到80基點，且不會在未來幾天内恢複。NFL比賽的結果可以作為投資者情緒的合理外生工具變量。

關鍵詞：股票收益，體育贊助

Corporate Sport Sponsorship and Stock Returns: Evidence from the NFL

Assaf Eisdorfer (University of Connecticut), Elizabeth Kohl (University of Connecticut)

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.

Keywords: Stock returns; Sport sponsorship

原文鍊接：http://cfr.ivo-welch.info/readers/2017/eisdorfer-kohl.pdf

翻譯：任兆月