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

  • Georg Stadtmann

    ()

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

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    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.

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    File URL: http://college.holycross.edu/RePEc/spe/Stadtmann_StockMarket.pdf
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    File Function: Paper presented at the Joint Annual Meeting 2006 of the International and German-Speaking Associations of Sports Economists (IASE and AK), May 4-6, 2006
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    Paper provided by International Association of Sports Economists & North American Association of Sports Economists in its series Working Papers with number 0603.

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    Length: 30 pages
    Date of creation: Jun 2006
    Date of revision:
    Handle: RePEc:spe:wpaper:0603
    Contact details of provider: Web page: http://www.cdes.fr/index.php?id=fr69

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    Web page: http://www.kennesaw.edu/naase

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    1. Palomino, F.A. & Renneboog, L.D.R. & Zhang, C., 2005. "Stock Price Reactions to Short-Lived Public Information : The Case of Betting Odds," Discussion Paper 2005-62, Tilburg University, Center for Economic Research.
    2. Brown, Gregory W. & Hartzell, Jay C., 2001. "Market reaction to public information: The atypical case of the Boston Celtics," Journal of Financial Economics, Elsevier, vol. 60(2-3), pages 333-370, May.
    3. Forrest, David & Simmons, Robert & Feehan, Patrick, 2002. "A Spatial Cross-Sectional Analysis of the Elasticity of Demand for Soccer," Scottish Journal of Political Economy, Scottish Economic Society, vol. 49(3), pages 336-55, August.
    4. Baimbridge, Mark & Cameron, Samuel & Dawson, Peter, 1996. "Satellite Television and the Demand for Football: A Whole New Ball Game?," Scottish Journal of Political Economy, Scottish Economic Society, vol. 43(3), pages 317-33, August.
    5. Peel, David A & Thomas, Dennis A, 1988. "Outcome Uncertainty and the Demand for Football: An Analysis of Match Attendances in the English Football League," Scottish Journal of Political Economy, Scottish Economic Society, vol. 35(3), pages 242-49, August.
    6. Vergin, Roger C. & Sosik, John J., 1999. "No place like home: an examination of the home field advantage in gambling strategies in NFL football," Journal of Economics and Business, Elsevier, vol. 51(1), pages 21-31, January.
    7. J. K. Ashton & B. Gerrard & R. Hudson, 2003. "Economic impact of national sporting success: evidence from the London stock exchange," Applied Economics Letters, Taylor & Francis Journals, vol. 10(12), pages 783-785.
    8. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    9. repec:dgr:kubcen:200562 is not listed on IDEAS
    10. Gärtner, Manfred & Pommerehne, Werner W., 1977. "Der Fußballzuschauer - Ein Homo Oeconomicus?," Discussion Papers, Series I 102, University of Konstanz, Department of Economics.
    11. repec:dgr:kubtil:2005016 is not listed on IDEAS
    12. repec:cup:cbooks:9780521517140 is not listed on IDEAS
    13. repec:ccp:journl:v:10:y:2003:i:12:p:783-785 is not listed on IDEAS
    14. Lehmann, Erik & Weigand, Jürgen, 1998. "Wieviel Phantasie braucht die Fußballaktie?," Thuenen-Series of Applied Economic Theory 16, University of Rostock, Institute of Economics.
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