Analysis of the impact of sports sponsorship by Banco Panamericano: an event study

This work provides evidence of the impact of decisions by companies to invest in publicity on soccer jerseys and the reflection of such investments on their stock price, based on the efficient market hypothesis (Fama, 1970). Employing the event study method, we carried out an exploratory study of th...

Descripción completa

Guardado en:

Detalles Bibliográficos
Autores principales:	Márcio Mellaci, Leandro Augusto Petrokas, Rubens Famá
Formato:	article
Lenguaje:	EN PT
Publicado:	FUCAPE Business School 2012
Materias:	sports investment sponsorship panamerican bank Business HF5001-6182
Acceso en línea:	https://doaj.org/article/e3adcad32b4f46dda3864b7ada1d858f
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai:doaj.org-article:e3adcad32b4f46dda3864b7ada1d858f
record_format	dspace
spelling	oai:doaj.org-article:e3adcad32b4f46dda3864b7ada1d858f2021-11-11T15:48:05ZAnalysis of the impact of sports sponsorship by Banco Panamericano: an event study1807-734Xhttps://doaj.org/article/e3adcad32b4f46dda3864b7ada1d858f2012-01-01T00:00:00Zhttp://www.redalyc.org/articulo.oa?id=123040843005https://doaj.org/toc/1807-734XThis work provides evidence of the impact of decisions by companies to invest in publicity on soccer jerseys and the reflection of such investments on their stock price, based on the efficient market hypothesis (Fama, 1970). Employing the event study method, we carried out an exploratory study of the performance of the preferred shares of Banco Panamericano (BPNM4), which are listed on the BM&FBovespa. The event analyzed is the announcement on April 23, 2009 of an agreement to sponsor the Corinthians professional soccer team in the last games of the São Paulo state championship competition that year. We investigated the abnormal returns of the bank’s preferred shares based on the model of Campbel, Lo & Mackinlay (1997). After calculating the normal and abnormal returns, we tested the homogeneity of the variances and normality of the data before applying parametric t-tests. Upon validation, we carried out tests of the means for the abnormal returns within the event window, before and after the announcement. The results provide support for the semi-strong market efficiency hypothesis, since the shares presented abnormal performance in the days after disclosure of the sponsorship.Márcio MellaciLeandro Augusto PetrokasRubens FamáFUCAPE Business Schoolarticlesportsinvestmentsponsorshippanamerican bankBusinessHF5001-6182ENPTBBR: Brazilian Business Review, Iss 1, Pp 102-119 (2012)
institution	DOAJ
collection	DOAJ
language	EN PT
topic	sports investment sponsorship panamerican bank Business HF5001-6182
spellingShingle	sports investment sponsorship panamerican bank Business HF5001-6182 Márcio Mellaci Leandro Augusto Petrokas Rubens Famá Analysis of the impact of sports sponsorship by Banco Panamericano: an event study
description	This work provides evidence of the impact of decisions by companies to invest in publicity on soccer jerseys and the reflection of such investments on their stock price, based on the efficient market hypothesis (Fama, 1970). Employing the event study method, we carried out an exploratory study of the performance of the preferred shares of Banco Panamericano (BPNM4), which are listed on the BM&FBovespa. The event analyzed is the announcement on April 23, 2009 of an agreement to sponsor the Corinthians professional soccer team in the last games of the São Paulo state championship competition that year. We investigated the abnormal returns of the bank’s preferred shares based on the model of Campbel, Lo & Mackinlay (1997). After calculating the normal and abnormal returns, we tested the homogeneity of the variances and normality of the data before applying parametric t-tests. Upon validation, we carried out tests of the means for the abnormal returns within the event window, before and after the announcement. The results provide support for the semi-strong market efficiency hypothesis, since the shares presented abnormal performance in the days after disclosure of the sponsorship.
format	article
author	Márcio Mellaci Leandro Augusto Petrokas Rubens Famá
author_facet	Márcio Mellaci Leandro Augusto Petrokas Rubens Famá
author_sort	Márcio Mellaci
title	Analysis of the impact of sports sponsorship by Banco Panamericano: an event study
title_short	Analysis of the impact of sports sponsorship by Banco Panamericano: an event study
title_full	Analysis of the impact of sports sponsorship by Banco Panamericano: an event study
title_fullStr	Analysis of the impact of sports sponsorship by Banco Panamericano: an event study
title_full_unstemmed	Analysis of the impact of sports sponsorship by Banco Panamericano: an event study
title_sort	analysis of the impact of sports sponsorship by banco panamericano: an event study
publisher	FUCAPE Business School
publishDate	2012
url	https://doaj.org/article/e3adcad32b4f46dda3864b7ada1d858f
work_keys_str_mv	AT marciomellaci analysisoftheimpactofsportssponsorshipbybancopanamericanoaneventstudy AT leandroaugustopetrokas analysisoftheimpactofsportssponsorshipbybancopanamericanoaneventstudy AT rubensfama analysisoftheimpactofsportssponsorshipbybancopanamericanoaneventstudy
_version_	1718433927720337408

Analysis of the impact of sports sponsorship by Banco Panamericano: an event study

Ejemplares similares