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The Effect of On-Field Success on Stock Prices: Evidence from Nippon Professional Baseball

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Author Info
Dennis Coates () (Department of Economics, University of Maryland, Baltimore County)
Brad R. Humphreys () (Department of Economics, University of Alberta)

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Abstract

A growing literature examines the relationship between the on-field success of sports teams and prices of securities traded on stock exchanges. While much of the literature focuses on the effect of national teams on aggregate stock price measures, for example the relationship between the performance of a national team in World Cup competition and the aggregate stock price index in that country, some recent papers have examined the relationship between specific team performance and the price of the shares of the team's owners. We add to this literature by examining the effect of on-field success by baseball teams in Nippon Professional Baseball and the price of the shares of the companies that own these professional baseball teams.

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Paper provided by International Association of Sports Economists in its series Working Papers with number 0805.

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Length: 22 pages
Date of creation: Aug 2008
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Handle: RePEc:spe:wpaper:0805

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L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Recreation; Tourism

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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. Georg Stadtmann, 2006. "Frequent News And Pure Signals: The Case Of A Publicly Traded Football Club," Scottish Journal of Political Economy, Scottish Economic Society, vol. 53(4), pages 485-504, 09. [Downloadable!] (restricted)
  3. Alex Edmans & Diego García & Øyvind Norli, 2007. "Sports Sentiment and Stock Returns," Journal of Finance, American Finance Association, vol. 62(4), pages 1967-1998, 08. [Downloadable!] (restricted)
  4. Dennis Coates & Brad R. Humphreys, 2003. "Novelty Effects of New Facilities on Attendance at Professional Sporting Events," UMBC Economics Department Working Papers 03-101, UMBC Department of Economics. [Downloadable!]
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  5. 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)
  6. Georg Stadtmann, 2006. "Frequent News and Pure Signals: The Case of a Publicly Traded Football Club," Working Papers 0603, International Association of Sports Economists. [Downloadable!]
  7. Berman, Gabrielle & Brooks, Robert & Davidson, Sinclair, 2000. "The Sydney Olympic Games Announcement and Australian Stock Market Reaction," Applied Economics Letters, Taylor and Francis Journals, vol. 7(12), pages 781-84, December. [Downloadable!] (restricted)
  8. Georg Stadtmann, 2006. "Frequent News and Pure Signals: The Case of a Publicly Traded Football Club," IASE Conference Papers 0625, International Association of Sports Economists. [Downloadable!]
  9. Nikolaos Veraros & Evangelia Kasimati & Peter Dawson, 2004. "The 2004 Olympic Games announcement and its effect on the Athens and Milan stock exchanges," Applied Economics Letters, Taylor and Francis Journals, vol. 11(12), pages 749-753, October. [Downloadable!] (restricted)
  10. Jaffe, Jeffrey & Westerfield, Randolph, 1985. "Patterns in Japanese Common Stock Returns: Day of the Week and Turn of the Year Effects," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 20(02), pages 261-272, June. [Downloadable!]
  11. 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!]
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