The Impact of Investor-Fan Ownership on the Value of Publicly Traded Sports Franchises: The Case of the Boston Celtics‪.‬

INTRODUCTION The finance literature is rich with evidence of a distinct market response around important events and announcements throughout the life of a firm. Traditional effects stimulating a stock reaction include dividend and earnings announcements and stock splits (Charest, 1978; Aharony and Swary, 1980; Asquith and Mullins, 1983). Other, less common events, such as airliner crashes (Barrett et al., 1987), hurricanes (Lamb, 1995, 1998), earthquakes (Shelor, Anderson, and Cross, 1992; Kennedy and Lamb, 1997), the Chernobyl reactor accident (Fields and Janjigian, 1989; Kalra, Henderson, and Raines, 1993), the Three Mile Island incident (Hill and Schneeweis, 1983; Bowen, Castanias, and Daley, 1983; Spudeck and Moyer, 1989), and bank failures (Aharony and Swary, 1983; Swary, 1986) have been shown to produce an industry-specific response.