Frequent News and Pure Signals: The Case of a Publicly Traded Football Club

Georg Stadtmann ()
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Georg Stadtmann: Department of Economics, WHU Koblenz

No 603, Working Papers from International Association of Sports Economists, North American Association of Sports Economists

Abstract: We use stock market data for Borussia Dortmund GmbH & Co. KGaA – one of the leading German football clubs – for an application of the news model. Due to the specific characteristics of the news generating process, the case of a publicly traded sport club is a very appropriate candidate for testing this model. By applying a traditional as well as a reversed news model we elaborate whether new information can explain subsequent changes in the stock price of Borussia Dortmund. We find that sport as well as corporate governance related variables are important drivers of the stock price.

Keywords: News Model; Football Industry; Betting Odds; Stock Market (search for similar items in EconPapers)
JEL-codes: G14 L83 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2006-06
New Economics Papers: this item is included in nep-fin, nep-fmk and nep-spo
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (25)

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http://web.holycross.edu/RePEc/spe/Stadtmann_StockMarket.pdf Paper presented at the Joint Annual Meeting 2006 of the International and German-Speaking Associations of Sports Economists (IASE and AK), May 4-6, 2006 (application/pdf)
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