Accès libre

Effects of Football Match Results of Croatian National Team on Stock Returns: Evidence from Zagreb Stock Exchange

À propos de cet article

Citez

Amélie, C. & Olivier D. (2016). Stock market reactions to FIFA World Cup announcements: An event study. Economics Bulletin 36(4), 2028-2036.Search in Google Scholar

Anand, C., Bahure, V., Balasubramaniam, V. & Shah, A. (2017). Eventstudies R Package.Search in Google Scholar

Ashton, J., Gerrard B. & Hudson, R. (2003). Economic impact of national sporting success: evidence from the London stock exchange. Applied Economics Letters 10(12), 783-785. DOI: doi.org/10.1080/135048503200012671210.1080/1350485032000126712Open DOISearch in Google Scholar

Baele, L., Bekaert, G. & Schäfer, L. (2008). An anatomy of central and eastern European equity markets. European Bank for Reconstruction and Development, Working paper, No. 181.Search in Google Scholar

Bartholdy, J., Olson, D. & Peare, P. (2007). Conducting event studies on small stock exchange. The European Journal of Finance 13(3), 227-252. DOI: doi.org/10.1080/1351847060088017610.1080/13518470600880176Open DOISearch in Google Scholar

Benkraiem, R., Louhichi, W. & Marquès, P. (2009). Market reaction to sporting results: The case of European listed football clubs. Management Decision. 47: 100-109. DOI: 10.1108/00251740910929722.10.1108/00251740910929722Open DOISearch in Google Scholar

Bentham, J. (1789). The principles of morals and legislation. New York: Macmillan (1948).10.1093/oseo/instance.00077240Search in Google Scholar

Berkowitz, J. P. & Depken, C. A. (2018). A rational asymmetric reaction to news: evidence from English football clubs. Review of Quantitative Finance and Accounting, 51 (2), 347-374. DOI: doi.org/10.1007/s11156-017-0673-6.10.1007/s11156-017-0673-6Open DOISearch in Google Scholar

Bernile, G. & Lyandres, E. (2011). Understanding Investor Sentiment: The Case of Soccer. Financial Management 40(2), 357-380. DOI: doi.org/10.2139/ssrn.134368510.2139/ssrn.1359939Open DOISearch in Google Scholar

Berument, H. & Ceylan, N. B. (2012). Effects of soccer on stock markets: The return–volatility relationship. The Social Science Journal 49(3), 368–374. DOI: doi.org/10.1016/j.soscij.(2012).03.00310.1016/j.soscij.(2012).03.003Open DOISearch in Google Scholar

Bloomfield, R., O’Hara, M. & Saar, G. (2009). How Noise Trading Affects Markets: An Experimental Analysis. The Review of Financial Studies 22(6), 2275–2302. DOI: doi.org/10.1093/rfs/hhn10210.1093/rfs/hhn102Open DOISearch in Google Scholar

Botha, F. & de Beer, C. (2011). Does National Sporting Performance affect Stock Market Returns in South Africa?. Journal of Economic and Financial Sciences 6(1), 67-82.10.4102/jef.v6i1.277Search in Google Scholar

Boyle, G. & Walter, B. (2003). Reflected glory and failure: international sporting success and the stock market. Applied Financial Economics 13(3), 225–235. DOI: doi.org/10.1080/0960310021014823010.1080/09603100210148230Open DOISearch in Google Scholar

Brown, S. (1993). Fundamentals or Noise? Evidence from the Professional Basketball Betting Market. The Journal of Finance 48(4), 1193-1209. DOI: doi.org/10.2307/232903510.1111/j.1540-6261.1993.tb04751.xOpen DOISearch in Google Scholar

Castellani, M., Pieropaolo, P. & Patuelli, R. (2012). Event Clustering and Abnormal Returns: Reassessing the Informational Value of Bets. Quaderni DSE working paper No. 817.10.2139/ssrn.2021156Search in Google Scholar

Corrado, C. (1989). A non parametric test for abnormal security price performance in event studies. Journal of Financial Economics 23, 385-395. DOI: doi.org/10.1016/0304-405X(89)90064-010.1016/0304-405X(89)90064-0Open DOISearch in Google Scholar

Croatian Football Federation (2018). Statistics, available at http://hns-cff.hr/info/statistika/Search in Google Scholar

Demirhan, D. (2013). Stock Market Reaction to National Sporting Success: Case of Borsa Istanbul. Pamukkale Journal of Sport Sciences 4(3), 107-121.Search in Google Scholar

Edmans, A., García, D. & Norli, Ø. (2007). Sports Sentiment and Stock Returns, The Journal of Finance 62(4), 1967–1998. DOI: doi.org/10.1111/j.1540-6261.(2007).01262.x10.1111/j.1540-6261.(2007).01262.xOpen DOISearch in Google Scholar

Fama, E. (1965). The Behavior of Stock-Market Prices. Journal of Business 38(1), 34–105.10.1086/294743Open DOISearch in Google Scholar

Fama, E. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance 25(2), 383–417.10.2307/2325486Search in Google Scholar

Floros, C. (2014). Football and Stock Returns: New Evidence. Procedia Economics and Finance 14(2014), 201-209.10.1016/S2212-5671(14)00703-5Search in Google Scholar

Gallagher, R & O’Sullivan, N. (2011). Asset Pricing arising from Sports Results and investor Mood: The Case of a Homogenous Fan Base Area. Applied Financial Economics 21(12), 863-880.Search in Google Scholar

Gerlach, J. R. (2011). International Sports and Investor Sentiment: Do National Team Matches Really Affect Stock Market Returns?. Applied Financial Economics 21(12), 863-880. DOI: doi.org/10.1080/09603107.(2010).54306910.1080/09603107.(2010).543069Open DOISearch in Google Scholar

Hirshleifer, D. (2001). Investor Psychology and Asset Pricing. Journal of Finance 56(4), 1533-1597. DOI: doi.org/10.1111/0022-1082.0037910.1111/0022-1082.00379Open DOISearch in Google Scholar

Isen, A. M. & Simmonds, S. (1978). The Effect of Feeling Good on a Helping Task That Is Incompatible with Good Mood. Social Psychology 41(4), 346-349.10.2307/3033588Open DOISearch in Google Scholar

Isen, A. M., Nygren, T. & Ashby, G. (1988). Influence of Positive Affect On The Subjective Utility Of Gains And Losses: It Is Just Not Worth The Risk. Journal of Personality and Social Psychology 55(5), 710-17.10.1037/0022-3514.55.5.710Open DOISearch in Google Scholar

Johnson, E & Tversky. A. (1983). Affect, generalization, and the perception of risk. Journal of personality and social psychology 45(1), 20-31. DOI: doi.org/10.1037/0022-3514.45.1.2010.1037/0022-3514.45.1.20Open DOISearch in Google Scholar

Klein, C., Zwergel, B. & Heiden, S. (2009). On the Existence of Sports Sentiment: The Relation between Football Match Results and Stock Index Returns in Europe. Review of Managerial Science 3(3), 191-208. DOI: doi.org/10.1007/s11846-009-0031-810.1007/s11846-009-0031-8Open DOISearch in Google Scholar

Lalić, D. (2018). Football and politics – History and sovereignty of interrelation in Croatia (In Croatian). Zaprešić: Fraktura d.o.o.Search in Google Scholar

Levy, N. (2015). The Effect of New York City Sports Outcomes on the Stock Market. Undergraduate Economic Review 12(1), Article 8.Search in Google Scholar

Linnainmaa, J. (2007). The Limit Order Effect. The Anderson School at UCLA, Working paper.Search in Google Scholar

Loewenstein, G. 2000. Emotions in Economic Theory and Economic Behavior. Preferences, Behavior and Welfare 90(2), 427-43210.1257/aer.90.2.426Search in Google Scholar

Loewenstein, G., Weber, E., Hsee, C. & Welch, N. (2001). Risk as feelings. Psychological bulletin 127(2), 267-286. DOI: doi.org/10.1037/0033-2909.127.2.26710.1037/0033-2909.127.2.267Open DOISearch in Google Scholar

MacKinlay, C. (1997). Event Studies in Economics and Finance. Journal of Economic Literatura 35(1), 13–39.Search in Google Scholar

Minović, J. (2012). Liquidity of the Croatian Stock Market: An Empirical Analysis. Economic Research - Ekonomska istraživanja 25(3), 776-801.10.1080/1331677X.2012.11517533Search in Google Scholar

Newey, W. & West, K. (1987). A Simple, Positive Semi-definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix. Econometrica, 55(3),703–708. DOI: doi.org/10.2307/1913610.10.2307/1913610Open DOISearch in Google Scholar

Oddsportal (2019) http://www.oddsportal.com [accessed 15 February (2019)]Search in Google Scholar

Palomino, F. A., Renneboog, L. D. R., & Zhang, C. (2005). Stock Price Reactions to Short-Lived Public Information: The Case of Betting Odds. (CentER Discussion Paper; Vol. 2005-62).10.2139/ssrn.676920Search in Google Scholar

Scholtens, B. (2009). Scoring on the stock exchange? The effect of football matches on stock market returns: an event study. Applied Economics 41(25), 3231-3237. DOI: doi.org/10.1080/0003684070172140610.1080/00036840701721406Open DOISearch in Google Scholar

Šego, B. & Škrinjarić, T. (2012). Modeliranje dnevne sezonalnosti prinosa na ZSE (Modelling daily seasonality in stock returns on ZSE), Aljinović, Z., Marasović, B. (ed.).: Matematički modeli u analizi razvoja hrvatskog financijskog tržišta (Mathematical models in analysis of the development of the Croatian financial market). University of Split: Faculty of Economics: 159-172.Search in Google Scholar

Serra, A. P. (2002). Event Study Tests. A Brief Survey. Working papers Da Fep, Investigação - Trabalhos em curso - nº 117, Maio de 2002.Search in Google Scholar

Sheskin, D. (2004). Handbook of Parametric and Nonparametric Statistical Procedures. CRC Press.10.4324/9780203489536Open DOISearch in Google Scholar

Škrinjarić, T. (2018a). Revisiting Herding Investment Behavior on the Zagreb Stock Exchange: A Quantile Regression Approach. Econometric Research in Finance 3(1), 119-162.10.33119/ERFIN.2018.3.2.3Search in Google Scholar

Škrinjarić, T. (2018b). Testing for seasonal affective disorder on selected CEE and SEE markets. Risks 6 (5), 1-26. DOI: doi.org/10.3390/risks604014010.3390/risks6040140Open DOISearch in Google Scholar

Tetlock, P. C. (2008). Liquidity and Prediction Market Efficiency. SSRN papers. DOI: doi.org/10.2139/ssrn.92991610.2139/ssrn.929916Open DOISearch in Google Scholar

Tetlock, P. C. (2011). All the News That’s Fit to Reprint: Do Investors React to Stale Information?. The Review of Financial Studies 24(5), 1481–1512. DOI: doi.org/10.1093/rfs/hhq14110.1093/rfs/hhq141Open DOISearch in Google Scholar

Toraman, C., Seyhan, M., Buğan, M. F. & Yunus, K. (2016). The Relationship between National Football Teams’ Performance and Stock Markets. International Journal of Academic Research in Business and Social Sciences. 6. 588-598. DOI: doi.org/10.6007/IJARBSS/v6-i12/2520.10.6007/IJARBSS/v6-i12/2520Open DOISearch in Google Scholar

Tufan, E. (2004) Do World Cup Football Matches Affect Istanbul Stock Exchange?. SSRN Electronic Journal. DOI: doi.org/10.2139/ssrn.705343.10.2139/ssrn.705343Open DOISearch in Google Scholar

Vidović, J. (2013). Investigation of stock illiquidity on Central and South East European markets in naïve portfolio framework. Ekonomska misao i praksa (2013)(2), 537-550.Search in Google Scholar

Wann, D., Dolan, T., Mcgeorge, K. & Allison, J. (1994). Relationships between spectator identification and spectators’ perceptions of influence, spectators’ emotions, and competition outcome. Journal of Sport and Exercise Psychology 16(4), 347–364. DOI: doi.org/10.1123/jsep.16.4.34710.1123/jsep.16.4.347Open DOISearch in Google Scholar

White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and direct test for heteroskedasticity. Econometrica 48(4), 285-316. doi.org/10.2307/1912934.10.2307/1912934Open DOISearch in Google Scholar

Zagreb Stock Exchange. (2018). http://www.zse.hr [accessed 5 December (2018)]Search in Google Scholar

Zawadziki, K. (2013). The impact of mega sports events on the stock markets. MPRA Paper No. 44467Search in Google Scholar

Zuber, R. A., Yiu, P., Lamb, R. & Gandar, J. (2005). Investor-fans? An Examination of the Performance of Publicly Traded English Premier League Teams. Applied Financial Economics 15 (5), 305-313. DOI: doi.org/10.1080/096031004200033871310.1080/0960310042000338713Open DOISearch in Google Scholar