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

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

Author Info

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

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

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Baimbridge, Mark & Cameron, Samuel & Dawson, Peter, 1996. "Satellite Television and the Demand for Football: A Whole New Ball Game?," Scottish Journal of Political Economy, Scottish Economic Society, vol. 43(3), pages 317-33, August.
Palomino, F. & Renneboog, L.D.R. & Zhang, C., 2005. "Stock price reactions to short-lived public information : the case of betting odds," Discussion Paper 16, Tilburg University, Tilburg Law and Economic Center. [Downloadable!]
Other versions:
- Palomino, Frederic & Renneboog, L.D.R. & Zhang, Chendi, 2005. "Stock price reactions to short-lived public information: the case of betting odds," Discussion Paper 62, Tilburg University, Center for Economic Research. [Downloadable!]
J. K. Ashton & B. Gerrard & R. Hudson, 2003. "Economic impact of national sporting success: evidence from the London stock exchange," Applied Economics Letters, Taylor and Francis Journals, vol. 10(12), pages 783-785, October. [Downloadable!] (restricted)
Peel, David A & Thomas, Dennis A, 1988. "Outcome Uncertainty and the Demand for Football: An Analysis of Match Attendances in the English Football League," Scottish Journal of Political Economy, Scottish Economic Society, vol. 35(3), pages 242-49, August.
repec:ccp:journl:v:10:y:2003:i:12:p:783-785 is not listed on IDEAS

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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

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. [Downloadable!]

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