Stock market reactions to FIFA World Cup announcements: An event study
AmÃ©lie Charles () and
Olivier DarnÃ© ()
Additional contact information
AmÃ©lie Charles: Audencia Business School
Olivier DarnÃ©: LEMNA, University of Nantes
Authors registered in the RePEc Author Service: Olivier Darné
Economics Bulletin, 2016, vol. 36, issue 4, 2028-2036
This article examines stock market reactions in countries competing to hold the FIFA World Cups around the time of the winning bid announcements. We analyze the announcement effects of winning and losing, beginning with 1994 FIFA World Cup announced in 1988, up until the announcement of the 2022 FIFA World Cup in 2010, with 18 countries, including of a mixture of developing and developed countries.. We observe no significant positive stock price reaction at the announcement dates for the winners, except for Qatar for the 2022 FIFA World Cup. However, we find significant cumulative abnormal returns for some countries. For the losing bidders, the results show significant negative abnormal return at the announcement dates for Morocco and Egypt for the 2010 FIFA World Cup, and again for Morocco for the 1998 FIFA World Cup. We also find that, on average, the losing bidders display significant negative CARs.
Keywords: Event Study; Mega-Events; FIFA World Cup; stock market reaction. (search for similar items in EconPapers)
JEL-codes: G0 L8 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Working Paper: Stock market reactions to FIFA World Cup announcements: An event study (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:ebl:ecbull:eb-16-00339
Access Statistics for this article
More articles in Economics Bulletin from AccessEcon
Bibliographic data for series maintained by John P. Conley ().