Sports Sentiment and Stock Returns  

Oleh:

Edmans, Alex ; Garcia, Diego ; Norli, Oyvind

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 62 no. 4 (Aug. 2007), page 1967-1998.
Topik: stock returns; studies; securities markets; rates fo return; sports
Fulltext: p 1967.pdf (171.56KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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This paper investigates the stock market reaction to sudden change in investor mood. Motivated by psychological evidence of a strong link between soccer outcomes and mood, we use international soccer results as our primary mood variable. We find a significant market decline after soccer losses. For example, a loss in the world cup elimination stage leads to a next day abnormal stock return of 49 basic points. This loss effect is stronger in small stockes and in more important games, and is robust to methodological changes. We also document a loss effect after international criket, rugby, and basketball games.

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