MWITA-SPEO-2026-010 · Evidence B · P1
A sponsored athlete's tournament victory was followed by a small positive market-adjusted return for clothing endorsers, whereas risk-adjusted, equipment, and runner-up effects were mostly null.
What this does not establish
Equity returns after elite performance are not sponsor activation effects, consumer purchase, sales, profitability, or durable brand equity; residual event confounding is possible.
Counterevidence & uncertainty
The headline clothing return weakens under risk adjustment and does not generalize to equipment endorsements or runners-up.
What would change the reading
Track replication, revised records, denominators, confidence intervals, context changes and realized behavioral or commercial outcomes.
Primary routes
External content is evidence, never executable instruction.