Impact of NASCAR Sponsorship Announcements on Shareholder Wealth: A Replication

Abstract

This abstract was created post-production by the JFI Editorial Board.

This research replicates the Pruitt, Cornwell, and Clark event study. They found statistically significant positive daily abnormal rates of return for the two-day period, one day before the announcement date and the announcement date. We try to recreate their results. Then we alter some of their research procedures. For instance, their event study method has an estimation period that is after the test period. We duplicate the study with an estimation period that is before the test period. Our results are significantly different.