Scoring on the stock exchange? The effect of football matches on stock market returns: an event study

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Abstract:

We analyse the effect of results of football matches on the stock market performance of football teams. We analyse 1274 matches of eight teams in the national and European competition during 2000-2004. We find that the stock market response is significant and positive for victories and negative for defeats. The response is significantly stronger in the case of defeat. The response is stronger for matches in the European competition than for those in the national competition. Unexpected results have a stronger impact for European matches than expected ones but this is not the case in the national competition.

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/00036840701721406

Affiliations: Department of Finance, University of Groningen, AV Groningen, The Netherlands

Publication date: November 1, 2009

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