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Frequent News and Pure Signals: The Case of a Publicly Traded Football Club

Author

Listed:
  • Georg Stadtmann

    (Department of Economics, WHU Koblenz
    Institute for Development Strategies, Indiana University)

Abstract

We use stock market data for Borussia Dortmund GmbH & Co. KGaA – one of the leading German football clubs – for an application of the news model. Due to the specific characteristics of the news generating process, the case of a publicly traded sport club is a very appropriate candidate for testing this model. By applying a traditional as well as a reversed news model we elaborate whether new information can explain subsequent changes in the stock price of Borussia Dortmund. We find that sport as well as corporate governance related variables are important drivers of the stock price.

Suggested Citation

  • Georg Stadtmann, 2006. "Frequent News and Pure Signals: The Case of a Publicly Traded Football Club," IASE Conference Papers 0625, International Association of Sports Economists.
    • Handle: RePEc:spe:cpaper:0625
    as

    Download full text from publisher

    File URL: http://web.holycross.edu/RePEc/spe/Stadtmann_StockMarket.pdf
    File Function: Paper presented at the 8th Annual IASE Conference in Bochum, Germany, May 2006
    Download Restriction: no
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    More about this item

    Keywords

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    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism

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