ABSTRACT This study examines how sponsored athletes9 performance affects a sponsor9s stock price in 170 sport events between 1991 and 2017, using Japanese data. The results show that regardless of the sporting results, stock prices reacted positively to the participation of athletes selected as country representatives in international tournaments. The positive market responses intensified when the sponsored athletes performed well or when a long-term contract was in place prior to the sport event. Moreover, national and functional congruence likely increased the sponsor9s stock price.

中文翻译：

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运动员的表现会影响保荐人的股票市场价值吗？

摘要本研究使用日本数据研究了1991年至2017年之间170项体育赛事中赞助运动员的表现如何影响赞助者的股价。结果表明，不管体育比赛的结果如何，股票价格对被选为国家代表的运动员参加国际比赛的反应都是积极的。当赞助运动员表现良好或在体育赛事之前签订了长期合同时，积极的市场反应就会增强。此外，国家和职能部门的一致意见可能会提高保荐人的股价。