is a lecturer of Finance and Investment at Winchester Business School of University of Winchester (UK). He has published works on investors ' behaviour, options and stock markets behaviour and performance, economic business cycles, and applied econometric methods. His research interests are focused on options and stock markets behaviour and performance, investors ' behaviour, economic business cycles, and applied econometric methods.
Keywords sport sponsorship , sponsorship announcement , marketing action , stock market reaction , event studyAbstract The major objective of this paper is to test who benefi ts most from sponsorship agreements: the sponsor or the sponsored organisation. The paper deals with stock market reaction to offi cial football club sponsorship announcements using the event-study method. Our intention is to test 123 daily stock prices, in order to investigate the potential infl uence of the announcement of an offi cial football club sponsorship programme upon stockholders ' behaviour within both organisations. For the purposes of this paper, we examine the consequences for both Fiat S.p.A. and Juventus Football Club S.p.A. of their recently announced three-year sponsorship agreement for 33 million euros.