EconPapers    
Economics at your fingertips  
 

Football sentiment and stock market returns: Evidence from a frontier market

Quang-Thai Truong, Quynh-Nhu Tran, Walid Bakry (), Duc Nguyen Nguyen () and Somar Al-Mohamad

Journal of Behavioral and Experimental Finance, 2021, vol. 30, issue C

Abstract: This study examines the effect of investor sentiment on the Vietnamese stock market. Using the results of international football matches as exogenous shocks on investor sentiment, and information from two major stock exchanges, we document a link between investor sentiment and stock market returns. In particular, we find a decline in market returns on the subsequent trading days after game losses. Moreover, the effect of investor sentiment on stock market returns is more pronounced between 2015 and 2020 during which football fans exhibited a stronger affection and attention to their teams. The results further depict that the impact of investor sentiment on stock market returns is only significant for small-cap stocks, and when more important tournaments are played.

Keywords: Football sentiment; Investor mood; Behavioral biases; Stock returns; Efficient market hypothesis (search for similar items in EconPapers)
JEL-codes: A12 G12 G14 G41 L83 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S2214635021000162

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:eee:beexfi:v:30:y:2021:i:c:s2214635021000162

DOI: 10.1016/j.jbef.2021.100472

Access Statistics for this article

Journal of Behavioral and Experimental Finance is currently edited by Michael Dowling and Jürgen Huber

More articles in Journal of Behavioral and Experimental Finance from Elsevier
Bibliographic data for series maintained by Catherine Liu ().

 
Page updated 2024-04-08
Handle: RePEc:eee:beexfi:v:30:y:2021:i:c:s2214635021000162