4 Hartford Business Journal • January 18, 2016 www.HartfordBusiness.com
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They held this portfolio from the second
trading day to the fifth trading day after the
game and found it generated "abnormal prof-
its," particularly for home games whose out-
comes are hard to predict and by nature attract
more attention and provide a higher element
of news.
Their portfolio would return approximately
28 percent per NFL season based on 1.5 per-
cent growth per week over the length of the
regular season and playoffs. Eisdorfer said
investors would show a $15 return weekly on a
$1,000 investment.
Robert Laraia, founding partner of North-
star Wealth Partners in West Hartford, said
other factors have to be considered that have
a more long-term effect. He said higher atten-
dance can also have a positive effect on stock
performance as well as climate. "I don't know
if I was building a portfolio, I would put [this
research] on the top 10 list," Laraia added.
Laraia also said an entity's sponsorship of a
stadium is no long-term guarantee of stock per-
formance — or even business viability — regard-
less of how well a home team does. He pointed
out the tech firm PSINet, which bought the nam-
ing rights to the Baltimore Ravens stadium in
1999. The Ravens won the Super Bowl in 2001
and PSINet filed for bankruptcy six months later.
According to the UConn School of Busi-
ness, this is the first study to examine the
effect of professional sports outcomes on
the stock returns of the team's sponsors. As
of 2013, 62 percent of U.S. teams' stadiums/
arenas in the four major league sports —
football, baseball, basketball and hockey
— were sponsored by publicly traded com-
panies. Previous studies have focused on the
relationship between the performances of
national sports teams in international com-
petitions and the movements of the national
stock exchanges.
As to why UConn studied this issue when
there are no professional football stadiums in
Connecticut? Eisdorfer said it was because
of the school's geographic position between
New York and Boston. Plus, he said, there's the
innate curiosity of academic research. n
▶ ▶ As of 2013, 62 percent of U.S. teams' stadiums/arenas
in the four major league sports … were sponsored by
publicly traded companies.
