Warning Flags on the Race Track
研究了全球金融市场对一级方程式赛车商业赞助的估值反应，发现企业宣布赞助后市场价值下降，投资规模和国籍一致性加剧了股东价值的负面回报。
<h3>ABSTRACT</h3> The globalization of media content has encouraged the growth of cross-cultural promotional channels. Yet, empirical evaluations of advertising strategies at an international level are sparse. This study advances research in this emerging area by analyzing the global financial markets9 valuation of commercial sponsorships in Formula One (F1) motor racing. Although previous research indicated that U.S. markets have approved of similar promotional investments, the results of this international event study demonstrated that the market value of firms entering into F1 sponsorships decline upon announcement. The level of investment and nationality congruence of the sponsorship appear to enhance the probability for negative returns in shareholder value.