Event Clustering and Abnormal Returns: Reassessing the Informational Value of Bets

This paper observes short term effects of football match results by focusing on the Croatian national team and stock returns on the Zagreb Stock Exchange. Existing literature identifies psychological factors affecting investor’s sentiment around sporting events on different stock markets. There does not exist any study focusing on the Croatian stock market. Thus, this paper extensively observes such effects for the first time in the literature. Event study methodology, a usual approach of investigating such effects, is used on a sample of 60 stocks on the Zagreb Stock Exchange for the period from 2014 until the end of 2018. The results indicate no significant effects of winning or losing a football match, even when controlling for game being friendly, competitive tournament or qualification one; as well as after controlling for investor’s expectations based upon betting odds. This means that no profitable trading strategies could be obtained around the football match day on the Zagreb Stock Exchange in the observed period for the stocks investigated in this paper.

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Effects of Football Match Results of Croatian National Team on Stock Returns: Evidence from Zagreb Stock Exchange

Škrinjarić

Barišić

2019

Zagreb International Review of Economics and Business

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Fenerbahçe ve Beşiktaş’ın Hisse Senedi Getirileri Şike Duyurusuna Nasıl Tepki Verdi?

Ulusoy

Ünlü

2020

Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi

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Çalışmada olay çalışması metodu kullanarak play-off maçlarında başarılı olup grup maçlarına geçen takımların bu başarısının günlük hisse senedi getirisi üzerindeki etkisi incelenmiştir. Takımların grup maçlarına yükseldiğinin ilan edilmesi her iki takımın da hisse senedi hareketlerini pozitif etkilemiştir. Diğer taraftan, şike sonrası dönemde hem Beşiktaş hem de Fenerbahçe hisse senetlerinin getirileri grup maçlarına yükseldikleri duruma rağmen negatif etkilenmiştir. Çalışmada dikkat çeken sonuçlardan birisi de Fenerbahçe hisse senedi getirilerinin Beşiktaş hisse senedi getirilerine göre daha sert bir negatif etki ile karşılaşmasıdır.

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Event Clustering and Abnormal Returns: Reassessing the Informational Value of Bets

Cited by 2 publications

References 22 publications

Effects of Football Match Results of Croatian National Team on Stock Returns: Evidence from Zagreb Stock Exchange

Effects of Football Match Results of Croatian National Team on Stock Returns: Evidence from Zagreb Stock Exchange

Fenerbahçe ve Beşiktaş’ın Hisse Senedi Getirileri Şike Duyurusuna Nasıl Tepki Verdi?

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