This study analyzes the effect of sponsorship announcements on the firm value of sponsoring firms by investigating whether sponsorship announcements have an influence on abnormal returns on share prices. As previous research has neglected sponsorships from different regions and the comparison of sponsorships in different sports, a unique dataset of sponsorship deals between 1999 and 2010 is created (n=629). Using event study methodology the data is analyzed for all sports in general as well as for different sub-samples including soccer, motor sports, and different regions. The results of...Read more