Investor sentiment, soccer games and stock returns

Nebojsa Dimic, Manfred Neudl, Vitaly Orlov and Janne Äijö

Research in International Business and Finance, 2018, vol. 43, issue C, 90-98

Abstract: This study investigates the nature of stock price reactions of publicly-traded soccer clubs following league matches. Consolidating data on soccer games and betting odds, results suggest that the magnitude and the character of investor reactions vary considerably after the release of negative and positive information. Price response to positive information increases in surprise to resolution of uncertainty, while bad information connotes negative and vast reactions regardless of the surprise component. Moreover, negative news is more slowly absorbed by the stock market than positive news. Finally, investor reactions are larger following the games with considerable emotional component.

Keywords: Investor mood; Soccer; Sports betting; Market efficiency (search for similar items in EconPapers)
JEL-codes: G12 G14 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:riibaf:v:43:y:2018:i:c:p:90-98

DOI: 10.1016/j.ribaf.2017.07.134

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