This paper examines the impact of Olympic Sponsorship announcements on stock returns for sponsors of the ten Olympic Summer Games held between 1984 and 2020. The paper finds that sponsorship announcements are associated with an average 0.44% impact on returns on the announcement day. This increase translates to a $61 million increase in sponsoring firms’ market value, on average. The study also documents significant differences in the impact of Olympic sponsorship announcements on domestic versus foreign sponsors’ stock returns as well as significant differences on the returns of Olympic...Read more
