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The effect of investment into European football on the market value of Chinese corporations


Chen, Yangyang; Dietl, Helmut M; Orlowski, Johannes; Zheng, Fang (2019). The effect of investment into European football on the market value of Chinese corporations. International Journal of Sport Finance, 14(4):249-261.

Abstract

This paper analyzes how investments in professional European football clubs affect the market value of Chinese corporations. Twelve acquisition cases with complete stock return data are identified between 2009 and 2017. Applying traditional financial event study methodology, it appears that Chinese corporations, on average, do not earn abnormal returns as a result of their investments in professional European football clubs. However, as exceptions to this finding, a few corporations show significant positive or negative abnormal returns. This study also hints at an association between the change in market value of acquiring corporations, the relative transaction size, and their industry relatedness. These findings have important implications for corporate and football managers, current stock holders, and future investors.

Abstract

This paper analyzes how investments in professional European football clubs affect the market value of Chinese corporations. Twelve acquisition cases with complete stock return data are identified between 2009 and 2017. Applying traditional financial event study methodology, it appears that Chinese corporations, on average, do not earn abnormal returns as a result of their investments in professional European football clubs. However, as exceptions to this finding, a few corporations show significant positive or negative abnormal returns. This study also hints at an association between the change in market value of acquiring corporations, the relative transaction size, and their industry relatedness. These findings have important implications for corporate and football managers, current stock holders, and future investors.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Business Administration
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Social Sciences & Humanities > Business and International Management
Social Sciences & Humanities > Finance
Social Sciences & Humanities > Marketing
Language:English
Date:November 2019
Deposited On:18 Dec 2019 16:17
Last Modified:15 May 2020 06:39
Publisher:Fitness Information Technology
ISSN:1558-6235
OA Status:Green
Publisher DOI:https://doi.org/10.32731/IJSF/144.112019.05
Official URL:https://search.proquest.com/openview/f2a8b49003bfdd806066eae70278637c/1?cbl=28340&pq-origsite=gscholar
Other Identification Number:merlin-id:18244

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