 Football sentiment and stock market returns: Evidence from a frontier marketQuang-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) Downloads: (external link) Related works: 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 |
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