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Bowling for Dollars: Title Sponsorship of College Football Bowls

Corporate title sponsorship of college football bowl games has proliferated over the past two decades, yet little analysis has been made concerning the returns to these investments. This article examines the impact that title sponsorships have had on the stock value of the corporate sponsors. Using event study analysis, we find that there was no significant change, on average, in the stock prices following the sponsorship announcements. However, a cross-sectional analysis of changes in firm stock prices relative to corporate and bowl characteristics reveals that markets view sponsorships by large and high-tech firms negatively and major bowls positively.