Abstract
The article is a short study of the importance of non-economic factors in the fluctuation of rates of return of sponsors’ stocks quoted on the Warsaw Stock Exchange. The authors focus on the correlations between sport results of Polish football clubs and rates of return of stocks of stock exchange companies. Dynamic econometric models assuming heteroscedasticity of a random coefficient are used.
Highlights
Present-day commercial sport is strictly tied to money, which allows it to exist
The main goal of this article is to prove the existence of relationships between rates of return of companies involved in sport sponsoring and sport results of sponsored clubs and that they are statistically significant
The authors hypothesize that wins and losses in matches of Polish Ekstraklasa have a significant impact on the rates of return of companies on the Warsaw Stock Exchange (WSE) that finance sport
Summary
Present-day commercial sport is strictly tied to money, which allows it to exist. Many authors pay attention on emotional relationships between football fans and clubs. The main goal of this article is to prove the existence of relationships between rates of return of companies involved in sport sponsoring and sport results of sponsored clubs and that they are statistically significant. The authors hypothesize that wins and losses in matches of Polish Ekstraklasa have a significant impact on the rates of return of companies on the Warsaw Stock Exchange (WSE) that finance sport. The data of the research were quotations of stocks from the Warsaw Stock Exchange from 1.07.2010 to 30.06.2017 and information about football matches’ results for chosen clubs of Ekstraklasa from the 2010/2011 to 2016/2017 seasons. The verification of the hypothesis was based on the (G)ARCH-type models
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