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

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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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File URL: http://www.holycross.edu/departments/economics/RePEc/spe/Stadtmann_StockMarket.pdf
File Format: application/pdf
File Function: Paper presented at the Joint Annual Meeting 2006 of the International and German-Speaking Associations of Sports Economists (IASE and AK), May 4-6, 2006
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Publisher Info
Paper provided by International Association of Sports Economists in its series Working Papers with number 0603.

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Length: 30 pages
Date of creation: Jun 2006
Date of revision:
Handle: RePEc:spe:wpaper:0603

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

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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

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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.:
  1. Brown, Gregory W. & Hartzell, Jay C., 2001. "Market reaction to public information: The atypical case of the Boston Celtics," Journal of Financial Economics, Elsevier, vol. 60(2-3), pages 333-370, May. [Downloadable!] (restricted)
  2. Erik Lehmann & Jürgen Weigand, 1998. "Wieviel Phantasie braucht die Fußballaktie?," Thuenen-Series of Applied Economic Theory 16, University of Rostock, Institute of Economics, Germany. [Downloadable!]
  3. 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.
  4. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May. [Downloadable!] (restricted)
  5. 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!]
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  6. Vergin, Roger C. & Sosik, John J., 1999. "No place like home: an examination of the home field advantage in gambling strategies in NFL football," Journal of Economics and Business, Elsevier, vol. 51(1), pages 21-31, January. [Downloadable!] (restricted)
  7. 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)
  8. 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.
  9. Szymanski, Stefan & Smith, Ron, 1997. "The English Football Industry: Profit, Performance and Industrial Structure," International Review of Applied Economics, Taylor and Francis Journals, vol. 11(1), pages 135-53, January.
  10. repec:ccp:journl:v:10:y:2003:i:12:p:783-785 is not listed on IDEAS
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Cited by:
(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.)

  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. [Downloadable!]
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