Does On-stage Performance of Esports Teams Impact Stock Prices: Evidence From the Astralis Group

Shuxin Li, Nobuya Takezawa and Jiaxi Zhou

Applied Economics Letters, 2023, vol. 30, issue 5, 674-677

Abstract: The recent establishment and popularity of professional esports leagues, coupled with the public listing of the Denmark-based esports team Astralis Group, presents an opportunity to assess whether wins and losses impact a team`s stock price in nontraditional sports. We provide empirical evidence that wins in championship matches impact stock returns for Astralis in a regression-based event study. This suggests that investors perceive championship wins as an indicator of future earnings growth of the group.

Date: 2023
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DOI: 10.1080/13504851.2021.2009757

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