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New evidence on the impact of the English national soccer team on the FTSE 100

Tobias Bauckloh, Sebastian Heiden, Christian Klein and Bernhard Zwergel

Finance Research Letters, 2019, vol. 28, issue C, 61-67

Abstract: During the last decades, many empirical studies have indicated a significant influence of noneconomic factors on asset pricing. More recently, it seems to be acknowledged that international soccer match results significantly affect subsequent daily returns of national stock markets via investor sentiment. In this article, we provide evidence that such observations should be treated with caution. Resuming a current debate on the link between the performance of England's national soccer team and FTSE 100 returns, we validate findings made by Ashton et al. (2011). Our results raise doubts on their conclusions and emphasize the importance of thoroughly validating empirical results.

Keywords: Investor sentiment; Stock market anomaly; Efficient market hypothesis; Soccer; Behavioral finance; Event study (search for similar items in EconPapers)
Date: 2019
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Handle: RePEc:eee:finlet:v:28:y:2019:i:c:p:61-67