Valuable, Rare Resources Or Really Big Vanity Plates? Market Reactions To Announcements Of Stadium Naming Rights

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Executive Summary

Recently, the media has challenged the economic merits of the enhanced reputation and visibility associated with these arguments. After all, 70 percent of these agreements also provide corporate executives with the use of a luxury suite for entertainment purposes. Critics suggest that such issues were driven largely by a desire for perquisite consumption, as opposed to the acquisition of a valuable and scarce resource. Thus, the central research question becomes: Was the decision to purchase a given naming right an appropriate acquisition decision, or was the decision simply a case of executive trophy hunting in an attempt to enhance the executives' own stature and perquisites?

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