Critical Finance Review, 2017(Forthcoming)

公司体育赞助与股票收益：来自国家橄榄球联盟的证据

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

摘要：美国主要运动项目队伍的大多数主场体育场（场馆）都是由大型公开上市的公司赞助的。利用国家橄榄球联盟（NFL）的数据，我们发现，赞助公司的股票收益受到在它们体育场进行的比赛的结果影响。周一晚上比赛获胜带来的次日超额收益比失利高0.5%，若是季后赛或者比赛结果出人意料的话，该效应提高到80基点，且不会在未来几天内恢复。NFL比赛的结果可以作为投资者情绪的合理外生工具变量。

关键词：股票收益，体育赞助

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

原文链接：http://cfr.ivo-welch.info/readers/2017/eisdorfer-kohl.pdf

翻译：任兆月