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The 2004 Olympic Games announcement and its effect on the Athens and Milan stock exchanges

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Author Info

  • Nikolaos Veraros
  • Evangelia Kasimati
  • Peter Dawson

Abstract

Through an event study methodology, the effect of the nomination of Athens as the hosting city for the Olympics of 2004 on the stock exchanges of Greece (winner) and Italy (loser), the two primary candidates for the Games is examined. Academic literature suggests that sporting mega events have a positive contribution to the host area economy. This implies that the stock exchange should react positively to the announcement of such events. Berman et al. (2000), in a similar study on the announcement of the Sydney 2000 Olympics, found no significant effect on the overall market and only limited effect on infrastructure-related companies based in the specific area hosting the Games. This study reveals a significantly positive effect on the Athens Stock Exchange (ASE) as a whole, as well as on infrastructure-related industries. No significant effect was identified on the Milan Stock Exchange (MSE). The differences in the impact of the announcement to economy size differences between the two countries and to the assessment is attributed to the fact that due to the highly competitive nature of the bidding process the financial markets assign higher probability to losing instead of winning.

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File URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254584&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

Volume (Year): 11 (2004)
Issue (Month): 12 ()
Pages: 749-753

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Handle: RePEc:taf:apeclt:v:11:y:2004:i:12:p:749-753

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  1. Gabrielle Berman & Robert Brooks & Sinclair Davidson, 2000. "The Sydney Olympic Games announcement and Australian stock market reaction," Applied Economics Letters, Taylor & Francis Journals, vol. 7(12), pages 781-784.
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Cited by:
  1. Vinod Mishra & Russell Smyth, 2008. "An Examination Of The Impact Of India'S Performance In One-Day Cricket Internationals On The Indian Stock Market," Monash Economics Working Papers 09/08, Monash University, Department of Economics.
  2. Lars Calmfors & Giancarlo Corsetti & Michael P. Devereux & Seppo Honkapohja & Gilles Saint-Paul & Hans-Werner Sinn & Jan-Egbert Sturm & Xavier Vives, 2007. "Chapter 6: Economic nationalism," EEAG Report on the European Economy, CESifo Group Munich, vol. 0, pages 133-147, 02.
  3. Dennis Coates & Brad R. Humphreys, 2008. "The Effect of On-Field Success on Stock Prices: Evidence from Nippon Professional Baseball," Working Papers 0805, International Association of Sports Economists & North American Association of Sports Economists.
  4. António Miguel Martins & Ana Paula Serra, 2007. "Market Impact of International Sporting and Cultural Events," Working Papers 0720, International Association of Sports Economists & North American Association of Sports Economists.
  5. Kasimati, Evangelia & Dawson, Peter, 2009. "Assessing the impact of the 2004 Olympic Games on the Greek economy: A small macroeconometric model," Economic Modelling, Elsevier, vol. 26(1), pages 139-146, January.
  6. Bitzenis, Aristidis & Tsitouras, Antonis & Vlachos, Vasileios A., 2009. "Decisive FDI obstacles as an explanatory reason for limited FDI inflows in an EMU member state: The case of Greece," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(4), pages 691-704, August.

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