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Sleeplessness, distraction and stock market performance: Evidence from the world cup

Author

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  • Cai, Jinghan
  • Fan, Manyi
  • Ko, Chiu Yu

Abstract

We study how sleeplessness and distraction impact global stock markets using a novel proxy, the FIFA World Cup games. Using this widely viewed sporting event, we exploit the time zone differences between countries to capture the sleeplessness from staying awake overnight and the distraction from watching matches during trading hours. We find the markets experience a − 26 basis-point daily return for a day of sleeplessness and a − 22 basis-point return due to distraction. These effects are robust to methodological changes.

Suggested Citation

  • Cai, Jinghan & Fan, Manyi & Ko, Chiu Yu, 2023. "Sleeplessness, distraction and stock market performance: Evidence from the world cup," Global Finance Journal, Elsevier, vol. 56(C).
    • Handle: RePEc:eee:glofin:v:56:y:2023:i:c:s1044028323000182
    DOI: 10.1016/j.gfj.2023.100823
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    More about this item

    Keywords

    Sleeplessness; Distraction; Stock market; World cup;
    All these keywords.

    JEL classification:

    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • G4 - Financial Economics - - Behavioral Finance
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E71 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on the Macro Economy
    • Z0 - Other Special Topics - - General

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