Corporate title sponsorship of college football bowl games has proliferated over the past two decades, yet little analysis has been made concerning the returns to these investments. This article examines the impact that title sponsorships have had on the stock value of the corporate sponsors. Using event study analysis, we find that there was no significant change, on average, in the stock prices following the sponsorship announcements. However, a cross-sectional analysis of changes in firm stock prices relative to corporate and bowl characteristics reveals that markets view sponsorships by large and high-tech firms negatively and major bowls positively.
Becker-OlsenK. (2003). Questioning the name game: An event study analysis of stadium naming rights sponsorship announcements. International Journal of Sports Marketing and Sponsorship, 5, 181–192.
CornwellT. B.PruittS. W.ClarkJ. M. (2005). The relationship between major-league sports’ official sponsorship announcements and the stock prices of sponsoring firms. Academy of Marketing Science, 33, 401–412.
CunninghamS.CornwellT. B.CooteL. V. (2009). Expressing identity and shaping mage: The relationship between corporate mission and corporate sponsorship. Journal of Sport Management, 23, 65–86.
LeedsE. M.LeedsM. A.PistoletI. (2007). A stadium by any other name: the value of naming rights. Journal of Sports Economics, 8, 581–595.
19.
McAllisterM. P. (1998). College bowl sponsorship and the increased commercialization of amateur sports. Critical Studies in Mass Communication, 15, 357–381.
McDanielS. R. (1999). An investigation of match-up effects in sports sponsorship advertising: The implications of consumer advertising schemas. Psychology and Marketing, 16, 163–184.
22.
MacKinlayA. C. (1997). Event studies in economics and finance. Journal of Economic Literature, 35, 13–39.
23.
McWilliamsA.SiegelD. (1997). Event studies in management research: Theoretical and empirical issues. Academy of Management Journal, 40, 626–657.
24.
Miami Herald. (1983, 316). Sports, p. 5C.
25.
MikkelsonW.PartchM. M. (1988). Withdrawn security offerings. Journal of Financial and Quantitative Analysis, 23, 119–134; Errata, 1988, 23, 487.
26.
MishraD. P.BobinskiG. S.JrBhabraH. S. (1997). Assessing the economic worth of corporate event sponsorships: A stock market perspective. Journal of Market Focused Management, 2, 149–169.
27.
MiyazakiA. D.MorganA. G. (2001). Assessing market value of event sponsorships: Corporate Olympic sponsorships. Journal of Advertising Research, 41, 9–15.
OlsonE. L.ThjomoeH. M. (2011). Explaining and articulating the fit construct in sponsorship. Journal of Advertising, 40, 57–70.
30.
PruittS. W.CornwellT. B.ClarkJ. Q. (2004). The NASCAR phenomenon: Auto racing sponsorships and shareholder wealth. Journal of Advertising Research, 44, 281–296.
31.
RyngaertM.NetterJ. (1990). Shareholder wealth effects of the 1986 Ohio antitakeover law revisited: Its real effects. Journal of Law, Economics, & Organization, 6, 253–262.
WoisetschlagerD. M.EitingA.HaselholtV.MichaelisM. (2010). Determinants and consequences of sponsorship fit: A study of fan perceptions. Journal of Sponsorship, 3, 69–80.
