What Drives European Football Clubs’ Stock Returns and Volatility?

Céline Gimet and Sandra Montchaud

International Journal of the Economics of Business, 2016, vol. 23, issue 3, 351-390

Abstract: The article studies the main determinants of European football clubs’ stock returns and volatility. A panel-data analysis of a sample of 24 European football clubs was conducted to test the influence of several variables, based on a matrix of internal/external and real/financial dimensions, on both stock returns and their volatility. The results show that clubs’ stock returns are influenced by the real and financial context and by a set of internal variables such as profit considered as a reflection of accounting discipline, capitalization as an indicator of size and stadium attendance as a proxy indicator of reputation. The volatility of stock returns seems particularly vulnerable to the overall instability on stock markets and dependent on clubs’ profit and net players’ transfers and, to a lesser extent, on sporting outcomes.

Date: 2016
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DOI: 10.1080/13571516.2016.1204686

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