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Sports Sentiment and Stock Returns

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Author Info

  • ALEX EDMANS
  • DIEGO GARCÍA
  • ØYVIND NORLI

Abstract

This paper investigates the stock market reaction to sudden changes in investor mood. Motivated by psychological evidence of a strong link between soccer outcomes and mood, we use international soccer results as our primary mood variable. We find a significant market decline after soccer losses. For example, a loss in the World Cup elimination stage leads to a next-day abnormal stock return of - 49 basis points. This loss effect is stronger in small stocks and in more important games, and is robust to methodological changes. We also document a loss effect after international cricket, rugby, and basketball games. Copyright 2007 by The American Finance Association.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1540-6261.2007.01262.x
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Bibliographic Info

Article provided by American Finance Association in its journal The Journal of Finance.

Volume (Year): 62 (2007)
Issue (Month): 4 (08)
Pages: 1967-1998

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Handle: RePEc:bla:jfinan:v:62:y:2007:i:4:p:1967-1998

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  1. > Industrial Organization > Industry studies > Sports, recreation and tourism > Sports
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