What is the value of corporate sponsorship in sports?

被引：4

作者：

Narayan, Paresh Kumar ^{[1
,3
]}

Rath, Badri Narayan ^{[2
]}

Prabheesh, K. P. ^{[2
]}

机构：

[1] Deakin Univ, Deakin Business Sch, Ctr Financial Econometr, Geelong, Vic 3217, Australia

[2] Indian Inst Technol Hyderabad, Dept Liberal Arts, Hyderabad, Andhra Pradesh, India

[3] Deakin Univ, Fac Business & Law, Deakin Business Sch, 221 Burwood Highway, Burwood, Vic 3125, Australia

来源：

EMERGING MARKETS REVIEW | 2016年 / 26卷

关键词：

Stock market; Cricket; Trading strategy; Profits; INDIAN STOCK-MARKET; PROFESSIONAL SPORTS; RETURNS; IMPACT; PERFORMANCE; EFFICIENCY; SENTIMENT; PARITY; MODEL;

D O I：

10.1016/j.ememar.2016.02.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the stock market reaction to investor mood swings resulting from the Indian Premier League (IPL) cricket matches. We find that stocks listed on the Bombay Stock Exchange (BSE) that sponsor the IPL cricket are unaffected by the cricket matches. This finding is robust along two lines: (a) the effect is insignificant both statistically and economically which we demonstrate using a simple trading strategy; and (b) results hold across a wide range of portfolios. Our results, both statistical and trading strategy-based, suggest that the portfolios of companies that sponsor cricket in India are efficient. Our findings stand in sharp contrast to the evidence obtained by the broader sports literature suggesting that sports actually impact stock returns, driven principally by psychological factors. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：20 / 33

页数：14

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