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Frequent News and Pure Signals: The Case of a Publicly Traded Football Club

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  • Georg Stadtmann

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    (Department of Economics, WHU Koblenz
    Institute for Development Strategies, Indiana University)

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    Abstract

    We use stock market data for Borussia Dortmund GmbH & Co. KGaA – one of the leading German football clubs – for an application of the news model. Due to the specific characteristics of the news generating process, the case of a publicly traded sport club is a very appropriate candidate for testing this model. By applying a traditional as well as a reversed news model we elaborate whether new information can explain subsequent changes in the stock price of Borussia Dortmund. We find that sport as well as corporate governance related variables are important drivers of the stock price.

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    File URL: http://college.holycross.edu/RePEc/spe/Stadtmann_StockMarket.pdf
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    File Function: Paper presented at the 8th Annual IASE Conference in Bochum, Germany, May 2006
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    Bibliographic Info

    Paper provided by International Association of Sports Economists in its series IASE Conference Papers with number 0625.

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    Length: 30 pages
    Date of creation: May 2006
    Date of revision:
    Handle: RePEc:spe:cpaper:0625

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    Web page: http://www.cdes.fr/index.php?id=fr69
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    Related research

    Keywords: News Model; Football Industry; Betting Odds; Stock Market;

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    Cited by:
    1. Jørgensen, Casper W. & Moritzen, Mark R. & Stadtmann, Georg, 2012. "The news model of asset price determination: An empirical examination of the Danish football club Brøndby IF," Discussion Papers 313, European University Viadrina Frankfurt (Oder), Department of Business Administration and Economics.

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