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Do national soccer results really impact on the stock market?

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Author Info

  • J. K. Ashton
  • B. Gerrard
  • R. Hudson

Abstract

This study is a response to Klein et�al. (2008), which was highly critical of earlier work by Ashton et�al. (2003). This work considering the link between international soccer results and stock market returns was challenged by Klein et�al. (2008), who reject the presence and importance of this link. In response, this work provides a reassessment of the link between international soccer results and stock market returns within Ashton et�al. (2003). This new analysis extends the original work by using a larger dataset, employing an extended range of tests and allowing for outliers. It is reported that, contrary to the findings of Klein et�al. (2008), the link between international soccer results and stock market prices does indeed exist particularly within the sample period 1984-2002 used by Ashton et�al. (2003). After extending the dataset to include observations from 2002 until 2009, it is reported that the effect on stock market returns has declined in importance over this period, particularly the impact of wins.

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Bibliographic Info

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

Volume (Year): 43 (2011)
Issue (Month): 26 ()
Pages: 3709-3717

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Handle: RePEc:taf:applec:v:43:y:2011:i:26:p:3709-3717

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Cited by:
  1. Kenneth Linna & Evan Moore & Rodney Paul & Andrew Weinbach, 2014. "The Effects of the Clock and Kickoff Rule Changes on Actual and Market-Based Expected Scoring in NCAA Football," International Journal of Financial Studies, MDPI, Open Access Journal, vol. 2(2), pages 179-192, April.
  2. 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.

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