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Scoring on the stock exchange? The effect of football matches on stock market returns: an event study

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Author Info

  • Bert Scholtens
  • Wijtze Peenstra

Abstract

We analyse the effect of results of football matches on the stock market performance of football teams. We analyse 1274 matches of eight teams in the national and European competition during 2000-2004. We find that the stock market response is significant and positive for victories and negative for defeats. The response is significantly stronger in the case of defeat. The response is stronger for matches in the European competition than for those in the national competition. Unexpected results have a stronger impact for European matches than expected ones but this is not the case in the national competition.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/00036840701721406
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Bibliographic Info

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

Volume (Year): 41 (2009)
Issue (Month): 25 ()
Pages: 3231-3237

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Handle: RePEc:taf:applec:v:41:y:2009:i:25:p:3231-3237

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Cited by:
  1. 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.
  2. Doerrenberg, Philipp & Siegloch, Sebastian, 2014. "Is Soccer Good for You? The Motivational Impact of Big Sporting Events on the Unemployed," IZA Discussion Papers 7890, Institute for the Study of Labor (IZA).
  3. Fung, Ka Wai Terence & Demir, Ender & Lau, Marco Chi Keung & Chan, Kwok Ho, 2013. "An Examination of Sports Event Sentiment: Microeconomic Evidence from Borsa Istanbul," MPRA Paper 52874, University Library of Munich, Germany.
  4. Robert Gasquez & Vicente Royuela, 2012. "Is football an indicator of development at the international level?," Working Papers in Economics 275, Universitat de Barcelona. Espai de Recerca en Economia.

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