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Corruption and Co-Movements in European Listed Sport Companies: Did Calciocaos really matter?

  • Leitao, Joao
  • Armada, Manuel Rocha
  • Ferreira, Joaaquim

This paper analyses whether the Calciocaos, which involved some Italian listed sport companies, impacted on the performance of the Dow Jones Stoxx Football index and if this was spread through shock propagation. The Calciocaos impact is assessed by using a cointegrated vector autoregression model. The results provide evidence of the occurrence of spreading mechanisms of the effects originated by the corruption episode. After this episode Juventus’ stock and Sporting’s stock have particular importance in determining the performance of the Dow Jones Stoxx Football index. The investors/supporters of la Vecchia Signora revealed sentimental behaviour, and did not sell their participations.

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File URL: http://mpra.ub.uni-muenchen.de/42474/1/MPRA_paper_42474.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 42474.

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Date of creation: 06 Nov 2012
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Handle: RePEc:pra:mprapa:42474
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