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Rational Exuberance? An Event Analysis of the 2008 Olympics Announcement


  • Michael A. Leeds

    () (Temple University of Japan)

  • John M. Mirikitani

    () (Temple University of Japan)

  • Danna Tang

    () (City University of Hong Kong)


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

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    References listed on IDEAS

    1. Carlino, Gerald & Coulson, N. Edward, 2004. "Compensating differentials and the social benefits of the NFL," Journal of Urban Economics, Elsevier, vol. 56(1), pages 25-50, July.
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    Cited by:

    1. Peter Dawson & Paul Downward & Terence C. Mills, 2014. "Olympic news and attitudes towards the Olympics: a compositional time-series analysis of how sentiment is affected by events," Journal of Applied Statistics, Taylor & Francis Journals, vol. 41(6), pages 1307-1314, June.
    2. repec:eee:touman:v:36:y:2013:i:c:p:629-640 is not listed on IDEAS
    3. Ogawa, Ryoh, 2017. "Using REIT Data to Assess the Economic Worth of Mega-Events: The Case of the 2020 Tokyo Olympics," MPRA Paper 78829, University Library of Munich, Germany.

    More about this item


    Olympics; event study; holding period return;

    JEL classification:

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


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