Football Championships and Jersey Sponsors' Stock Prices: An Empirical Investigation

Corporate sports sponsorship is an important part of many companies? corporate communication strategy. We take the example of major football tournaments to show that sponsorship indeed affects the sponsor?s (stock) market value. We find a statistically significant impact of football results (at an individual game level) of the seven most important football nations at European and World Championships on the stock prices of jersey sponsors. In general, the more important a match and the less expected its result, the higher its impact. In addition, we find a form of ?mere exposure?-effect which contradicts the efficient markets hypothesis.Sports sponsorship, Advertising, Stock market efficiency

Trends in Air Transportation between the USA and the Asia/Pacific Region with Particular Consideration of United Airlines\u27 Acquisition of the Pan Am Pacific Division

This study deals with the development of scheduled passenger traffic between the USA and selected countries in the ICAO Asia/Pacific region from 1977 to 1987. Among the significant trends are the growth in scheduled passenger traffic volume and the increase in both the percentage share of US citizens and foreign flag carriers. This study focuses on United Airlines\u27 acquisition of Pan Am\u27s Pacific Division in 1985. An analysis of selected Pan Am transpacific services in terms of market share and quality of service before 1985 shows a general declining trend. The main reasons for this development include Pan Am\u27s poor financial performance and increased competition due to multiple carrier designation. United Airlines\u27 impact on US - Pacific markets was modest. In 1987, United Airlines improved its market share positions over those of Pan Am in 1985 by 2 to 8 percent. This suggests that United Airlines was unable to turn its domestic feeder system and US market dominating APOLLO CRS into a competitive advantage

Canonical Subspaces of Linear Time-Varying Differential-Algebraic Equations and Their Usefulness for Formulating Accurate Initial Conditions

Accurate initial conditions have the task of precisely capturing and fixing the free integration constants of the flow considered. This is trivial for regular ordinary differential equations, but a complex problem for differential-algebraic equations (DAEs) because, for the latter, these free constants are hidden in the flow. We deal with linear time-varying DAEs and obtain an accurate initial condition by means of applying both a reduction technique and a projector based analysis. The highlighting of two canonical subspaces plays a special role. In order to be able to apply different DAE concepts simultaneously, we first show that the very different looking rank conditions on which the regularity notions of the different concepts (elimination of unknowns, reduction, dissection, strangeness, and tractability) are based are de facto consistent. This allows an understanding of regularity independent of the methods

Large and small group homology

For several instances of metric largeness like enlargeability or having hyperspherical universal covers, we construct non-large vector subspaces in the rational homology of finitely generated groups. The functorial properties of this construction imply that the corresponding largeness properties of closed manifolds depend only on the image of their fundamental classes under the classifying map. This is applied to construct examples of essential manifolds whose universal covers are not hyperspherical, thus answering a question of Gromov (1986), and, more generally, essential manifolds which are not enlargeable.Comment: 24 pages, small corrections and improvement