Abstract
The purpose of this study was to investigate the empirical properties of stock market response. The financial impact of corporate sponsorship is reflected in the market value of a firm's stock price, which is measured by comparing the abnormal stock return between the preevent window (250 trading days) and the 14 trading days of the event period. Computations of ARs, CARs, and other test statistics were based on the event study model and were carried out using the SAS 9.2 software. For the preevent windows (t = -3, t = -1), there were statistically significant positive ARs and 80% of the TOP sponsors showed positive ARs in the overall duration of the Olympic Games. The overall CARs during the event period (t = -3 through t = +10) indicates marginally positive returns for the event.
| Original language | English |
|---|---|
| Pages (from-to) | 332-351 |
| Number of pages | 20 |
| Journal | Journal of Promotion Management |
| Volume | 19 |
| Issue number | 3 |
| DOIs | |
| Publication status | Published - Jun 2013 |
Bibliographical note
Funding Information:This work was supported by the National Research Foundation of Korea, funded by the Korean Government (NRF-2011-332-1-G00069). Address correspondence to Hyun-Duck Kim, Keimyung University, Sport Marketing, 1095 Dalgubeoldaero, Dalseo-Gu, Daegu, 704-701, Republic of Korea. E-mail: [email protected]
Keywords
- Olympics
- abnormal returns
- sponsorship
- stock market
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