Sponsoring an event and stock return: Vivo IPL to Tata IPL Online publication date: Fri, 01-Mar-2024
by Mohit Saini; Shallu Batra; Mahender Yadav; Vaibhav Aggarwal; Narender Verma
International Journal of Diplomacy and Economy (IJDIPE), Vol. 10, No. 1, 2024
Abstract: Title sponsorship of the Indian Premier League 2022-2023 has been given to Tata Group (an Indian Corporate Giant). The main aim of this study is to investigate the impact of the event on each of the listed entities within the Tata Group and identify which among them is the most reactive to this event. The closing prices of 17 stocks and the market index were collected from the Prowess database. The event study methodology was used to study the objective. The study employed the 21 days event window and 224 days estimation window to estimate the returns. The results indicate that Tata Communication Ltd. and Indian Hotels Co. Ltd. have a significant positive abnormal return on the event day. Overall, the average abnormal return of all stocks was found to be significantly positive on the next day of the event. The findings indicate that the market was optimistic regarding the communication and hospitality segment of the Tata Group during the IPL tournament.
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Diplomacy and Economy (IJDIPE):
Login with your Inderscience username and password:
Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.
If you still need assistance, please email subs@inderscience.com
Our Blog 
Follow us on Twitter 
Visit us on Facebook