The Economic Impact of Olympic Games: Effects of Host Country Announcements on Stock Market Returns

Bryan Engelhardt (), Victor Matheson, Alex Yen () and Maxwell Chisholm
Additional contact information
Bryan Engelhardt: College of Business, University of Wisconsin - Oshkosh
Alex Yen: Department of Business Administration, Stonehill College
Maxwell Chisholm: Department of Economics, College of the Holy Cross

No 1704, Working Papers from College of the Holy Cross, Department of Economics

Abstract: Roughly seven years before an Olympic games, the International Olympic Committee (IOC) accepts bids from countries to host an Olympics. Subsequently, the IOC determines and announces to the world who has won and lost the right to host. Contrary to prior evidence, we find the announcements do not affect the bidding countries� stock markets. We complement prior studies by using additional years of announcements, by investigating whether there are effects prior to the announcement, and by testing for an effect both parametrically and non-parametrically.

Keywords: event study; impact analysis; Olympics; stock market (search for similar items in EconPapers)
JEL-codes: G14 L83 O18 R53 Z20 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2017-08
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Published in International Journal of Sport Finance, Volume 13, Number 3, August 2018, Pages 243-260.

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Working Paper: The Economic Impact of Olympic Games: Effects of Host Country Announcements on Stock Market Returns (2018)
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