Critical Finance Review > Vol 6 > Issue 1

Corporate Sport Sponsorship and Stock Returns: Evidence from the NFL

Assaf Eisdorfer, University of Connecticut, USA, , Elizabeth Kohl, University of Cincinnati, USA,
Suggested Citation
Assaf Eisdorfer and Elizabeth Kohl (2017), "Corporate Sport Sponsorship and Stock Returns: Evidence from the NFL", Critical Finance Review: Vol. 6: No. 1, pp 179-209.

Publication Date: 27 Mar 2017
© 2017 A. Eisdorfer and E. Kohl
Stock returnsSport sponsorship


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In this article:
1. Introduction 
2. Data and game samples 
3. Effect of home game outcome on sponsoring firm return 
4. Testing for investor sentiment 
5. Post-game trading opportunities 
6. Contribution to the Literature 
7. Conclusions 


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.