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An Examination Of The Impact Of India'S Performance In One-Day Cricket Internationals On The Indian Stock Market

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Author Info
Vinod Mishra
Russell Smyth

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Abstract

This study examines the impact of the Indian cricket team's performance in one day international cricket matches on returns on the Indian stock market. The main conclusion of the study is that there exists an asymmetric relationship between the performance of the Indian cricket team and stock returns on the Indian stock market. While a win by the Indian cricket team has no statistically significant upward impact on stock market returns, a loss generates a significant downward movement in the stock market. When Sachin Tendulker, India's most popular cricketer, plays the size of the downward movement in returns is larger.

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File URL: http://www.buseco.monash.edu.au/eco/research/papers/2008/0908examinationmishrasmyth.pdf
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Paper provided by Monash University, Department of Economics in its series Monash Economics Working Papers with number 09/08.

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Length: 37 pages
Date of creation: 03 Apr 2008
Date of revision:
Handle: RePEc:mos:moswps:2008-09

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Related research
Keywords: Cricket; India; Stock Market; Stochastic Dominance; Investor Psychology.;

Find related papers by JEL classification:
D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Recreation; Tourism

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  13. Lean, Hooi Hooi & Smyth, Russell & Wong, Wing-Keung, 2007. "Revisiting calendar anomalies in Asian stock markets using a stochastic dominance approach," Journal of Multinational Financial Management, Elsevier, vol. 17(2), pages 125-141, April. [Downloadable!] (restricted)
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