Soccer sentiment and investment opportunities in the Korean stock market

In Kang and Cheolbeom Park

Asia-Pacific Journal of Accounting & Economics, 2015, vol. 22, issue 2, 213-226

Abstract: We have found a significant sentiment effect from national soccer match outcomes on the Korean stock market, consistent with studies on other countries. Further investigation reveals, however, that such sentiment effect is extremely short-lived and the magnitude of ensuing expected returns based on the sentiment effect is about the same as the transaction costs. Therefore, we conclude that although a significant soccer-sentiment effect from losses exists, it seems almost impossible to devise reliable arbitrage opportunities from it due to its short duration and the small magnitude of expected returns.

Date: 2015
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DOI: 10.1080/16081625.2014.960432

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Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

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