Football and Stock Market Performance Correlation: Evidence from Italy

Claudiu Boțoc, Eugen Mihancea and Alin Molcuț

Scientific Annals of Economics and Business (continues Analele Stiintifice), 2019, vol. 66, issue 4, 525 - 539

Abstract: The increasing growth of soccer economy is delivering new challenges for prospective investors in terms of stock price volatility. Such challenges are rooted in behavioral finance and efficient market hypotheses. Given this, the aim of our paper is to test the link between sport performance and correspondent stock price for the Italian listed football clubs (Juventus, Lazio, AS Roma). Our results suggest that soccer wins are likely to have a positive impact over stock price. This impact is more pronounced for local stocks and thus the findings have policy implications for emotional investors. JEL Codes - G12; G32; M14

Keywords: efficient markets hypothesis; volatility; GARCH; football results; soccer clubs (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://saeb.feaa.uaic.ro/index.php/saeb/article/view/1146 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aic:saebjn:v:66:y:2019:i:4:p:525-539:n:168

Access Statistics for this article

More articles in Scientific Annals of Economics and Business (continues Analele Stiintifice) from Alexandru Ioan Cuza University, Faculty of Economics and Business Administration Contact information at EDIRC.
Bibliographic data for series maintained by Sireteanu Napoleon-Alexandru ().