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The Effect of On-Field Success on Stock Prices: Evidence from Nippon Professional Baseball

Author

Listed:
  • Dennis Coates

    () (Department of Economics, University of Maryland, Baltimore County)

  • Brad R. Humphreys

    () (Department of Economics, University of Alberta)

Abstract

A growing literature examines the relationship between the on-field success of sports teams and prices of securities traded on stock exchanges. While much of the literature focuses on the effect of national teams on aggregate stock price measures, for example the relationship between the performance of a national team in World Cup competition and the aggregate stock price index in that country, some recent papers have examined the relationship between specific team performance and the price of the shares of the team's owners. We add to this literature by examining the effect of on-field success by baseball teams in Nippon Professional Baseball and the price of the shares of the companies that own these professional baseball teams.

Suggested Citation

  • Dennis Coates & Brad R. Humphreys, 2008. "The Effect of On-Field Success on Stock Prices: Evidence from Nippon Professional Baseball," Working Papers 0805, International Association of Sports Economists;North American Association of Sports Economists.
  • Handle: RePEc:spe:wpaper:0805
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    References listed on IDEAS

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    1. 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.
    2. Bert Scholtens & Wijtze Peenstra, 2009. "Scoring on the stock exchange? The effect of football matches on stock market returns: an event study," Applied Economics, Taylor & Francis Journals, vol. 41(25), pages 3231-3237.
    3. Dennis Coates & Brad R. Humphreys, 2005. "Novelty Effects Of New Facilities On Attendance At Professional Sporting Events," Contemporary Economic Policy, Western Economic Association International, vol. 23(3), pages 436-455, July.
    4. Jaffe, Jeffrey & Westerfield, Randolph, 1985. "Patterns in Japanese Common Stock Returns: Day of the Week and Turn of the Year Effects," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 20(02), pages 261-272, June.
    5. 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.
    6. Gabrielle Berman & Robert Brooks & Sinclair Davidson, 2000. "The Sydney Olympic Games announcement and Australian stock market reaction," Applied Economics Letters, Taylor & Francis Journals, vol. 7(12), pages 781-784.
    7. Georg Stadtmann, 2006. "Frequent News And Pure Signals: The Case Of A Publicly Traded Football Club," Scottish Journal of Political Economy, Scottish Economic Society, vol. 53(4), pages 485-504, September.
    8. Alex Edmans & Diego García & Øyvind Norli, 2007. "Sports Sentiment and Stock Returns," Journal of Finance, American Finance Association, vol. 62(4), pages 1967-1998, August.
    9. Dennis Coates & Brad R. Humphreys, 2003. "Novelty Effects of New Facilities on Attendance at Professional Sporting Events," UMBC Economics Department Working Papers 03-101, UMBC Department of Economics.
    10. Georg Stadtmann, 2006. "Frequent News and Pure Signals: The Case of a Publicly Traded Football Club," Working Papers 0603, International Association of Sports Economists;North American Association of Sports Economists.
    11. Nikolaos Veraros & Evangelia Kasimati & Peter Dawson, 2004. "The 2004 Olympic Games announcement and its effect on the Athens and Milan stock exchanges," Applied Economics Letters, Taylor & Francis Journals, vol. 11(12), pages 749-753.
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    Cited by:

    1. Sakınç, İlker, 2014. "Using Grey Relational Analysis to Determine the Financial Performance of Turkish Football Clubs," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 22-33.
    2. Ýlker SAKINÇ, 2014. "Export Price Stability and Compatibility of Euro under the Export- Biased Productivity Growth in Turkey: A Criticism against the Maastricht Inflation Criterion," Journal of Economics Library, KSP Journals, vol. 1(1), pages 22-33, December.

    More about this item

    JEL classification:

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

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