The National Golf Foundation Top 100 Businesses in Golf: Investigating the Portfolio Returns vs the Market Portfolio

Authors

  • Thomas Willey Grand Valley State University
  • Douglas Robideaux Grand Valley State University

DOI:

https://doi.org/10.14738/abr.94.10039

Keywords:

Market returns, golf industry, market returns, NGF

Abstract

In early 2018, the National Golf Foundation (NGF) presented their inaugural list of the top 100 businesses in the approximately $70 billion golf industry. Six sectors of the U.S. Economy are represented by the following breakdown of companies: Equipment (22 firms); Turf and Course Supplies (18); Apparel and Accessories (13); Course Management (13); Media/Technology and Associations, Retail and Other (23). The purpose of our research is to determine if an investor could generate above-market returns by investing in a portfolio of the publicly traded firms that are part of this initial list. Our results, indicate that over the entire sample period, three golf related stocks outperformed the overall market index after adjusting for risk.

References

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Treynor, J. L. 1962. “Toward a Theory of Market Value of Risky Assets.” Unpublished manuscript. Final version in Asset Pricing and Portfolio Performance, 1999, Robert A. Korajczyk, ed., London: Risk Books, pp. 15–22. Wall Street Journal web article: https://www.wsj.com/articles/for-golf-covid-is-even-better-than-tiger-11611916201?mod=searchresults_pos1&page=1

Willey, T., & Robideaux, D. (2021). The National Golf Foundation Top 100 Businesses in Golf: Investigating the Portfolio Returns vs the Market Portfolio. Archives of Business Research, 9(4). 96-100.

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Published

2021-04-23

How to Cite

Willey, T., & Robideaux, D. (2021). The National Golf Foundation Top 100 Businesses in Golf: Investigating the Portfolio Returns vs the Market Portfolio. Archives of Business Research, 9(4), 96–100. https://doi.org/10.14738/abr.94.10039

Issue

Vol. 9 No. 4 (2021): Archives of Business Research

Section

Articles

License

Copyright (c) 2021 Thomas Willey, Douglas Robideaux

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.