Do national soccer results really impact on the stock market?
This study is a response to Klein et�al. (2008), which was highly critical of earlier work by Ashton et�al. (2003). This work considering the link between international soccer results and stock market returns was challenged by Klein et�al. (2008), who reject the presence and importance of this link. In response, this work provides a reassessment of the link between international soccer results and stock market returns within Ashton et�al. (2003). This new analysis extends the original work by using a larger dataset, employing an extended range of tests and allowing for outliers. It is reported that, contrary to the findings of Klein et�al. (2008), the link between international soccer results and stock market prices does indeed exist particularly within the sample period 1984-2002 used by Ashton et�al. (2003). After extending the dataset to include observations from 2002 until 2009, it is reported that the effect on stock market returns has declined in importance over this period, particularly the impact of wins.
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Volume (Year): 43 (2011)
Issue (Month): 26 ()
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