The Influence of the International Games Hosted by Taiwan on the Stock Return of Sports Industry

[[abstract]]本研究探討臺灣舉辦國際性運動賽事對運動商品產業公司的股票報酬率之影響。我們採用事件研究法分析臺灣舉辦國際運動賽事時，運動商品相關產業公司的股價是否出現異常報酬率和累積異常報酬率。樣本期間涵蓋2000年到2018年。實證研究發現，臺灣主辦國際性賽事大多能為運動商品產業股價帶來正面影響。此發現隱含如果臺灣政府能積極舉辦國際性運動賽事，可以吸引投資在運動相關的公司，並帶動該產業的股價上升。 This study investigates the impact of international sports games hosted by Taiwan on the stock returns of sports commodity companies. We use the event study method to analyze whether the stock price of sports industrial companies generate abnormal return and cumulative abnormal return when Taiwan holds international sports events. The sample period covers 2000 to 2018. Empirical studies have found that most of the international games hosted by Taiwan can have a positive impact on the stock price of the sports industry. This finding implies that if Taiwanese government can actively organize international sports games, it can attract investment in sports-related companies and drive the stock price of the industry to rise