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

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Scholtens, Bert

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Abstract We analyse the effect of results of football matches on the performance of listed 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 language English
Publication Year 2009
Page/Pages p. 3231-3237
Journal Applied Economics, 41 (2009) 25
Status Postprint; peer reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)