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Do stock markets react to soccer games? : a meta-regression analysis


Geyer-Klingeberg, Jerome ; Hang, Markus ; Walter, Matthias ; Rathgeber, Andreas:
Do stock markets react to soccer games? : a meta-regression analysis.
In: Applied Economics. Bd. 50 (2018) Heft 19 . - S. 2171-2189.
ISSN 0003-6846
DOI: 10.1080/00036846.2017.1392002


Link zum Volltext (externe URL): Volltext


This study applies meta-regression analysis to aggregate a sample of 1126 empirical estimates of
the stock market reaction to soccer matches collected from 37 primary studies. Our results indicate
that winning a match is not associated with significant return effects for both national teams and
individual clubs. In the case of lost matches, we find strong evidence for publication bias, i.e.
negative returns are systematically overrepresented causing a biased picture of the true soccer
match effect. After correcting for this bias, the mean return after losses by national teams becomes
statistically insignificant and accounts for only -5 basis points. In the case of individual clubs, the
corrected impact of a loss is a significant -39 basis points effect. In a further analysis, we identify
various aspects of study design like regional differences, time period under examination and the
design of empirical analysis to be responsible for the wide variation in previous study outcomes.
Overall, our findings provide evidence against the hypothesis that stock markets are driven by
sports sentiment in the case of national teams. Due to the existence of strong asymmetry in the
returns after wins and losses of individual clubs, behavioural explanations cannot be fully ruled out.

Weitere Angaben

Publikationsform: Artikel in einer Zeitschrift
Begutachteter Beitrag: Ja
Keywords: sports sentiment; soccer; stock returns; meta-analysis; publication bias
Institutionen der Universität: Fakultäten > Rechts- und Wirtschaftswissenschaftliche Fakultät > Fachgruppe Betriebswirtschaftslehre
Forschungseinrichtungen > Institute in Verbindung mit der Universität
Forschungseinrichtungen > Institute in Verbindung mit der Universität > FIM Kernkompetenzzentrum Finanz- & Informationsmanagement
Fakultäten > Rechts- und Wirtschaftswissenschaftliche Fakultät
Titel an der UBT entstanden: Nein
Themengebiete aus DDC: 000 Informatik,Informationswissenschaft, allgemeine Werke > 004 Informatik
300 Sozialwissenschaften > 330 Wirtschaft
Eingestellt am: 27 Feb 2018 10:24
Letzte Änderung: 28 Mai 2018 11:45
URI: https://eref.uni-bayreuth.de/id/eprint/42396