Why do Goals Matter? Sport Events and Capital Market Returns

Aurora Murgea () and Milena-Jana Schank ()
Additional contact information
Aurora Murgea: West University from Timisoara
Milena-Jana Schank: West University from Timisoara

Ovidius University Annals, Economic Sciences Series, 2016, vol. XVI, issue 2, 577-582

Abstract: Expected utility theory and Efficient Market Hypothesis (EMH) seem to be unable to properly explain the returns’ evolution in the stock market. The players does not act as rational as the theories assume and the prices seldom follow the EMH rules. The football clubs stock prices represent a good example for this statement since their stockholders have both rationale and emotional reasons for their investment. On the one side, they act as a regular investor who decide been driven by profit but on the other side they are usually fans of those clubs and have an emotional determinant for holding the stocks. The aim of this paper is analyses the relationship between the football matches outcomes and price returns on a time span that range during ten seasons 2006/2007 – 2015/2016), for Borussia Dortmund (Germany), AFC Ajax (Holland), Lazio (Italy) and a nine seasons time span(2007/2008 – 2015/2016) for SL Benfica (Portugal).

Keywords: sport; return; emotion; victories (search for similar items in EconPapers)
JEL-codes: C2 G14 G17 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://stec.univ-ovidius.ro/html/anale/ENG/2016/2016-II-full/s5/31.pdf (application/pdf)

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:ovi:oviste:v:xvi:y:2016:i:2:p:577-582

Access Statistics for this article

Ovidius University Annals, Economic Sciences Series is currently edited by Spatariu Cerasela

More articles in Ovidius University Annals, Economic Sciences Series from Ovidius University of Constantza, Faculty of Economic Sciences Contact information at EDIRC.
Bibliographic data for series maintained by Gheorghiu Gabriela ().