IDEAS home Printed from https://ideas.repec.org/a/jsf/intjsf/v4y2009i1p5-15.html
   My bibliography  Save this article

Rational Exuberance? An Event Analysis of the 2008 Olympics Announcement

Author

Listed:
  • Michael A. Leeds

    (Temple University of Japan)

  • John M. Mirikitani

    (Temple University of Japan)

  • Danna Tang

    (City University of Hong Kong)

Abstract

China spent far more on the 2008 Olympiad than any previous host country. A retrospective assessment of the benefits of the 2008 Games to the Chinese economy will not be possible for several years. We use an adaptation of event study methodology that has been employed by studies of previous Olympiads to analyze the expected benefits of the 2008 Games. We show that the announcement that Beijing would host the 2008 Games led to a brief rise in the Shanghai exchange, but the euphoria quickly dissipated. We find that there was no corresponding decline in the stock exchanges of Beijing’s closest rivals for the 2008 Games. There was a longer lasting impact on specific sectors of the Shanghai exchange, but this impact was not always positive.

Suggested Citation

  • Michael A. Leeds & John M. Mirikitani & Danna Tang, 2009. "Rational Exuberance? An Event Analysis of the 2008 Olympics Announcement," International Journal of Sport Finance, Fitness Information Technology, vol. 4(1), pages 5-15, February.
    • Handle: RePEc:jsf:intjsf:v:4:y:2009:i:1:p:5-15
    as

    Download full text from publisher

    File URL: http://www.fitinfotech.com/IJSF/IJSFbackissueWVU.tpl
    Download Restriction: Full-text download requires subscription from FIT.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Keywords

    Olympics; event study; holding period return;
    All these keywords.

    JEL classification:

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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:jsf:intjsf:v:4:y:2009:i:1:p:5-15. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Victor Matheson (email available below). General contact details of provider: http://www.fitinfotech.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.