The value of winning: endorsement returns in individual sports
研究了高尔夫、网球和径赛项目中运动员获胜对其代言服装品牌股票回报的影响，发现胜利带来显著正向市场调整回报，且服装品牌比装备品牌受益更大。
Using the results of 1068 different golf, tennis, and track and field (in particular: running) events, this paper examines the relation between athlete performance and stock returns of firms endorsed by athletes. We find that a tournament victory is associated with significant and positive market-adjusted stock returns for the endorsed clothing brand. Regression analysis reveals that winning is associated with a more positive price reaction than finishing as runner-up. In addition, we find that returns after a victory are significantly higher for endorsed clothing brands than for equipment brands. We did not detect return differences between superstars and regular athletes, nor between frequently endorsed brands and less commonly endorsed brands.