Investor attention during soccer World Cups

Manuel Lobato, Mario Jordi Maura, Javier Rodriguez and Herminio Romero-Perez

American Journal of Business, 2023, vol. 39, issue 1, 29-39

Abstract: Purpose - This study aims to examine investor attention by exploring the trading behavior of investors in US-based exchange traded funds (ETFs) of countries active in the Federation Internationale de Football Association (FIFA) World Cups. Design/methodology/approach - The present study employs event study methodology to measure abnormal returns and excess trading volume of country-specific ETFs during six FIFA World Cups. The sample of ETFs includes 19 participating countries. Findings - Consistent with investor behavior that might be explained by attention effect, the study finds that country-specific ETFs from participating countries do indeed behave differently during FIFA World Cups events. The authors find significant evidence of abnormal trading volume and, albeit weaker, abnormal returns during cups. Originality/value - This study contributes to the literature on investor behavior, linking investor attention with salient sports events.

Keywords: Investor attention; Bias; Exchange traded funds; Media; FIFA world cup; Major sports events; Event study methodology (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ajbpps:ajb-09-2022-0141

DOI: 10.1108/AJB-09-2022-0141

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