This study examines how sponsored athletes' performance affects a sponsor's stock price reaction in 170 sport events between 1991 and 2017 by using Japanese data. The results show that regardless of the sporting results, stock prices react positively to the participation of athletes selected as...

In this study, the authors investigate the impact of sport sponsorship announcements on the stock prices of sponsors and their rivals in Japan. The event study analyses show that while market reactions for Japanese sponsors are significantly positive, those for rivals are significantly negative....