How Does Wall Street React to Global Sports Sponsorship Announcements?
研究分析了全球体育赞助公告对赞助公司股价的影响，发现投资者反应总体积极但随时间递减，功能与国家一致性组合价值最高，且股市对不同赞助估值不均。
<h3>ABSTRACT</h3> This study aims to analyze the potential ability of sponsorship to create shareholder wealth on the basis of how the announcement of global sports sponsorships affects sponsoring companies9 stock market prices. This study also seeks to illuminate previous research controversies by examining several international sports tournaments in various countries over a 10-year period. The results show that, first, investors9 appreciation of sponsorships was positive, although it decreased over the year of the announcement; second, the combination of functional and national congruence produced the highest value; and, third, the stock market did not equally value all sponsorships.