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1.
T. Bettina Cornwell Stephen W. Pruitt John M. Clark 《Journal of the Academy of Marketing Science》2005,33(4):401-412
This study presents analysis of the impact of “official product” sports sponsorships with the National Football League (NFL),
Major League Baseball (MLB), the National Hockey League (NHL), the National Basketball Association (NBA), and the Professional
Golfers Association (PGA) on the stock prices of sponsoring firms. The primary finding of the study is that, in the main,
announcements were accompanied by increases in shareholder wealth. The 53 sponsors analyzed experienced mean increases in
stock valuations of about $257 million. A multiple regression analysis of firm-specific stock price changes and selected corporate
and sponsorship attributes indicates that official product sponsorships with the NBA, NHL, and PGA and those with smaller
market shares were associated with the largest gains in share prices. Although corporate cashflow (a proxy for agency conflicts)
is statistically unrelated to shareholder approval, sponsorships by high-technology companies were associated with stronger
stock price reactions than otherwise. Finally, product congruence with the sponsored sport was positively related to changes
in stock prices.
T. Bettina Cornwell (b.cornwell@business.uq.edu.au) is Professor of Marketing and Leader of the Marketing cluster in the UQ Business School at
the University of Queensland, Australia. She was formerly Professor of Marketing in the Fogelman College of Business and Economics
at the University of Memphis. She received her Ph.D. from the University of Texas. Her research focuses on promotion and consumer
behavior, especially with regard to international and public policy issues. Other articles on the topic of sponsorship-linked
marketing have recently appeared in theJournal of Advertising, the Journal of Advertising Research, theJournal of Business Research, andPsychology & Marketing.
Stephen W. Pruitt (pruittst@umkc.edu) is the holder of the Arvin Gottlieb/Missouri Endowed Chair of Business Economics and Finance in the Henry
W. Bloch School of Business and Public Administration at the University of Missouri-Kansas City. He received his Ph.D. from
Florida State University. He has published more than 45 articles, most of which employ event study methodologies, in journals
such as theJournal of Finance, theJournal of Political Economy, Financial Management, theJournal of Public Policy and Marketing, and theJournal of Advertising Research.
John M. Clark (clarkj@cba.usm.edu) is an assistant professor of finance at the University of Southern Mississippi. He received his Ph.D.
from the University of Alabama. His research interests include options and other derivatives, investments, and the impact
of real events upon the stock prices of corporations. His work has appeared in scholarly outlets such as theJournal of Advertising Research, theFinancial Review, and theJournal of Business Ethics. 相似文献
2.
Models for which the MLE and the conditional MLE coincide 总被引:1,自引:0,他引:1
The MLE, CMLE and MMLE coincide in a linear regression model with fixed individual effects. In this case, there is no incidental parameters problem and the MLE is consistent. The equivalence of these estimators is important because CMLE=MLE implies both the consistency of the MLE and the efficiency of the CMLE. In general, we cannot expect to find a CMLE or MMLE, since there may be no fixed-dimension sufficient statistic for the effects, nor an appropriate transformation of the data whose distribution does not depend on the effects. However, we show that the MLE, CMLE and MMLE do coincide in systems of seemingly unrelated regressions and in systems of simultaneous equations. We establish this result for systems in which (exogenous) variables in addition to (or other than) the intercept may have coefficients which vary over individuals, provided that the set of such variables is the same in every equation.The financial support of the National Science Foundation is gratefully acknowledged. 相似文献
3.
Cornwell R 《Employee benefits journal》2001,26(2):18-21
The process of integrating health and welfare plans during an M&A is challenging. At the same time, it can be exciting and possibly even desirable for the growth of a benefits plan. An M&A can be the vehicle for ushering in changes that would not be possible under the current employers' plans. It gives additional leverage with vendors. It may supply the momentum to clear up nagging problems or to address underlying benefits concerns. 相似文献
4.
Title sponsorships are often considered the crown jewels of sports sponsorship programs. Garnering top media coverage, title
sponsorships are prized for both generating brand/product awareness and building image for their sponsors. Not surprisingly,
the rising cost of title sponsorships has led some managers to question their underlying value. Accordingly, this study presents
an analysis of the impact of 114 title sponsorship announcements of professional tennis and golf tournaments (both men’s and
women’s), auto racing (NASCAR), and college bowl games on the stock prices of sponsoring firms. Overall, the results of the
study suggest that title sponsorships are generally signed at market-clearing prices. Thus, companies undertaking title sponsorships
typically receive exactly what they pay for—except in the case of NASCAR races (which show evidence of increases in share
prices). Splitting the sample into new and renewing sponsorships generates results which differ dramatically by sport. Finally,
a cross-sectional regression finds congruence of sport and sponsor, sponsorship by high tech firms and sponsorships by large
firms all correlated with perceived sponsorship success. 相似文献
5.
In this paper, we propose an alternative econometric framework for estimating and decomposing productivity change that does not require a distribution for inefficiency or the uncorrelatedness between inefficiency and the regressors. We develop our methodology for the input-oriented radial measure of productivity change and establish that this equals the negative of the time change in the log cost function. Our econometric framework is based on a fixed-effects, multiple-output cost frontier, where we decompose productivity change into discrete shifts in the frontier and changes in firm efficiency levels relative to the frontier. We also show that the standard non-frontier specification is nested within our frontier model and thus can produce different estimates of productivity change. Using a panel of twelve US railroads from 1951 to 1975, our estimated cost frontier suggests average annual productivity growth of roughly 0.3 percent, with efficiency change rising then falling over the period. Specification tests reject the non-frontier model, which yields smaller gains in productivity. 相似文献
6.
Measuring the welfare effects of tax changes using the LES: An application to a carbon tax 总被引:1,自引:0,他引:1
This paper explores the use of a parametric approach to the measurement of compensating and equivalent variations resulting from price changes. The approach is based on the application of the Linear Expenditure System (LES) to each of a range of household income groups, rather than being based on a representative consumer. The method is then used to examine the distributional effects of a carbon tax, designed to reduce carbon dioxide emissions. The price changes resulting from a carbon tax depend on the carbon intensities of each good, which depend in turn on the nature of inter-industry transactions (the input-output matrix). The use of transfer payments to compensate for adverse distributional effects of a carbon tax is investigated, using social welfare functions based on equivalent incomes. 相似文献
7.
Studies have shown that the fit between a sponsoring brand and the sport, art, or charity sponsored influences outcomes such as brand awareness and image. This research adds the role of sponsor–sponsee similarity to the discussion of fit. The authors argue that similarity interacts with fit when conditions evoke suspicion or disrupt typical inferences regarding sponsorship relationships. Interaction is particularly important when the sponsor seeks to develop its image by association with a cause, and is also of consequence for the cause in terms of its branding. Three studies test sponsorship effects with respect to blood donation and cancer prevention organizations. Results support the predicted moderated mediation model, showing that similarity between a corporate sponsor and a sponsored cause can interact with fit, influencing sponsorship evaluations directly and shaping attitudes and behavioral intentions toward constituents indirectly. This work reveals a counterintuitive effect of similarity for some sponsorship relationships. 相似文献
8.
Competence Enhancement and Anticipated Emotion as Motivational Drivers of Brand Attachment 下载免费PDF全文
Focusing on the motivational processes underlying consumer attachments to brands, this research examines how competence enhancement and anticipated emotion (anxiety and joy) contribute to attachment. Personal attachment style (attachment anxiety) and type of motivation (intrinsic vs. extrinsic) are included as individual differences. Employing two field studies across different contexts indicates that competence enhancement leads to stronger attachments with anticipated anxiety (avoidance) and joy (approach) mediating this relationship. Analyses of moderated mediation further show that the effect mediated through anticipated emotion is stronger under conditions of high extrinsic and low intrinsic motivation, and when individual attachment anxiety is low. Implications for brand attachment research and management are discussed. 相似文献
9.
Katy Cornwell 《Applied economics》2013,45(17):2269-2278
Where an economy cannot meet its external debt service obligations, it is forced to appeal to creditors for rescheduling of the debt. As such, rescheduling is evidence of a country's incapacity to carry a debt burden. This article explores factors that explain the probability of a country requiring debt rescheduling in a panel framework. The current literature is extended by modelling a dynamic random effects panel probit, in order to identify a presence of state dependence after controlling for country heterogeneity. We find clear evidence of state dependence when a 2-year lag of the dependent variable is allowed for, suggesting that overall, the fact that a country has experienced a rescheduling arrangement in the past does indeed make them more likely to experience further rescheduling. The article stresses that in order to draw the appropriate policy conclusions from this finding, one must understand that the debt rescheduling variable is itself a policy response variable. The fact that further rescheduling is often required within 2 years of a previous action suggests that rescheduling as it took place in the 1980s and 1990s was an inadequate response that often did little to help countries move beyond their current debt crisis. 相似文献
10.
L. Wakiuru Wamwara-Mbugua T. Bettina Cornwell Gregory Boller 《Journal of Business Research》2008,61(2):83-90
The role of a subcultural group in the consumer acculturation of Kenyan immigrants is examined. Our findings demonstrate that particular immigrant consumer behaviors are influenced by triple acculturation forces: dominant; subcultural and original culture. We find that immigrants do not arrive in the United States aware of their need to acculturate to a subcultural group. Critical incidents alert the immigrants of the need to acculturate to the African American subculture in order to fulfill some basic consumer goals such as accessing hair care, nightclub entertainment and church services. Progressively, immigrants begin to incorporate triple acculturation forces in their consumer decision making. The immigrants learn to be innovative as well as to engage in satisficing as they navigate the new consumption environment. This research contributes to acculturation studies by extending the models of Berry (Berry JW. Acculturation as varieties of adaptation. In: Padilla AM, editor. Acculturation: theory, model and some new findings, Boulder, CO: Westview Press; 1980. pp. 9-25) as well as Penaloza (Penaloza L. Altravesando Fronteras/Border Crossings: a critical ethnographic exploration of the consumer acculturation of Mexican immigrants. J Consum Res 1994;2:32-54[June]) by incorporating the role of a subcultural group in this process. 相似文献