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The news model of asset price determination: An empirical examination of the Danish football club Brøndby IF


  • Jørgensen, Casper W.
  • Moritzen, Mark R.
  • Stadtmann, Georg


According to the news model of asset price determination, only the unexpected component of an information should drive the stock price. We use the Danish publicly listed football club Brøndby IF to analyze how match outcome impacts the stock price. To disentangle gross news from net news, betting odd information is used to control for the expected match outcome.

Suggested Citation

  • Jørgensen, Casper W. & Moritzen, Mark R. & Stadtmann, Georg, 2012. "The news model of asset price determination: An empirical examination of the Danish football club Brøndby IF," Discussion Papers 313, European University Viadrina Frankfurt (Oder), Department of Business Administration and Economics.
  • Handle: RePEc:zbw:euvwdp:313

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    References listed on IDEAS

    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. 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.
    3. 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.
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    More about this item


    news model; football industry; betting odds; stock market; market efficiency; event study;

    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
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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