Momentum effect on the Moroccan stock market upon the announcement of the organization of the 2030 World Cup – Analysis by abnormal returns and time series

Effet momentum sur le marché boursier marocain lors de l'annonce de l'organisation de la Coupe du Monde 2030 – Analyse par les rendements anormaux et les séries chronologiques

Rachid Maghniwi and Mustapha Oukassi
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Rachid Maghniwi: UM5 - Université mohamed 5, Rabat
Mustapha Oukassi: UM5 - Université mohamed 5, Rabat

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Abstract: This study examines the momentum effect on the Moroccan stock market following the announcement of the joint organization of the 2030 World Cup. Analyzing a sample of 75 companies listed on the Casablanca Stock Exchange, we combine an event study and time series analysis. The event study assesses cumulative abnormal returns (CARs) over 60 days around the announcement, while ARIMA-GARCH analysis examines the effect's persistence over 12 months. Results show a significant CAR of 6.5% for the overall market, with more pronounced effects in tourism (13.2%), real estate (9.8%), and telecommunications (7.6%) sectors. Time series analysis confirms the effect's persistence for about 4 months. This research provides important insights for investors and policymakers in the context of emerging markets facing major economic events.

Keywords: marché boursier marocain; Effet momentum; Coupe du Monde; étude événementielle; séries chronologiques (search for similar items in EconPapers)
Date: 2024-10
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Published in Revue Internationale des Sciences de Gestion, A paraître, 7 (4), ⟨10.5281/zenodo.14010387⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04786632

DOI: 10.5281/zenodo.14010387

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