Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)

The Influence of the Tokyo 2020 Olympic Games on the Stocks of Japanese Firms that are Sponsored

Authors
Lu Wang1, *, Yifan Yao2, Yaran Tu3, Mingwei Jiang4
1Ulink College of Shanghai, Shanghai, 201615, China
2Dulwich College Suzhou, Su Zhou,215127, China
3Dulwich College Suzhou, Su Zhou,215127, China
4St Francis Methodist School, 678095, Singapore
*Corresponding author. Email: 2567424798@qq.com
Corresponding Author
Lu Wang
Available Online 26 March 2022.
DOI
https://doi.org/10.2991/aebmr.k.220307.375How to use a DOI?
Keywords
Tokyo 2020 Olympic games; stock market; Japanese firms
Abstract

With the 2020 Japan Olympic Games postponement, the 2021 Japan Winter Olympics has received increasing attention. The effect upon the stock market of domestic Japanese sponsors became uncertain because of the duration of the COVID-19 pandemic. This paper uses event study to analyze the influence of the Tokyo 2020 Olympic Games on the stocks of sponsored Japanese firms. The selected sample sponsors are Canon, Panasonic, Meiji, Toyota, Dai Nippon Printing, and Japanese airline. Measuring Abnormal and Cumulative abnormal returns are the primary methodologies to determine whether there is a positive and negative effect eventually upon the stock market. The findings found that most domestic Japanese sponsors have a negative effect on the stock market, which coronavirus pandemic is the main reason for the results. The minority of sponsors like Meiji and Dai Nippon Printing have a positive impact but at a slow rate. Therefore, the research results show that sponsoring the Olympic Games will not benefit enterprises, and they should be wary about sponsoring sports events.

Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

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Volume Title
Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
26 March 2022
ISBN
978-94-6239-554-1
ISSN
2352-5428
DOI
https://doi.org/10.2991/aebmr.k.220307.375How to use a DOI?
Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Lu Wang
AU  - Yifan Yao
AU  - Yaran Tu
AU  - Mingwei Jiang
PY  - 2022
DA  - 2022/03/26
TI  - The Influence of the Tokyo 2020 Olympic Games on the Stocks of Japanese Firms that are Sponsored
BT  - Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)
PB  - Atlantis Press
SP  - 2284
EP  - 2298
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220307.375
DO  - https://doi.org/10.2991/aebmr.k.220307.375
ID  - Wang2022
ER  -