Football and the Risk-Return Relationship for a Stock Market: Borsa Istanbul

Berument, Hakan; Ceylan, Nildağ Başak; Onar, Bahar

doi:10.2753/ree1540-496x490202

Cited by 8 publications

(9 citation statements)

References 35 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Fans higher in team identification tend to BIRG more and are less likely to cut-off reflected failure (CORF), or distance themselves from the team when it is unsuccessful (Wann & Branscombe, 1990). Additionally, a preponderance of research has demonstrated that fans who BIRG and CORF are emotionally and behaviorally affected, including their moods and outlook upon unrelated events (see Table 1; Berument, Ceylan, & Onar, 2013;Hirt, Zillmann, Erickson, & Kennedy, 1992;Keaton, et al, 2014;Knoll, et al, 2014;Schweitzer, Zillmann, Weaver, & Luttrell, 1992;Wann, 2006).…”

Section: Reflecting In the Glory Of The Astros' World Series Winmentioning

confidence: 99%

“…The effects of sports team identification and BIRGing leading to outcomes unrelated to the sporting event have been documented internationally (Berument et al, 2013;Knoll et al, 2014;Wann, Dimmock, & Grove, 2003). As a seemingly universal psychological processing, the positive outcomes from BIRGing align with the success of one's team.…”

Section: Birging and Coping After Hurricane Harveymentioning

confidence: 99%

“…For example, if one's team wins, a fan's positive outcome might include overall mood increases (Knoll et al, 2014), higher self-ascribed competencies (Lanter & Blackburn, 2004;Wann, 1994;Wann & Pierce, 2005), higher self-esteem (Keaton, et al, 2014;Wann et al, 1999), and other effects (see Table 1). Likewise, if one's team "fails" or "loses," there are negative outcomes such as a negative outlook on the world (Berument et al, 2013;Knoll et al, 2014;Schweitzer et al, 1992) or higher levels of loneliness, depression, or other negative emotions (Wann, et al, 2003;Wann et al, 1999).…”

Section: Birging and Coping After Hurricane Harveymentioning

confidence: 99%

See 2 more Smart Citations

Coping With Tragedy via Reflected Glory: How the Houston Astros’ World Series Win Contributed to Locals’ Process of Overcoming Hurricane Harvey

Erlichman

Harrison

2019

Communication & Sport

View full text Add to dashboard Cite

This study investigates the effects of the Houston Astros’ first World Series win on locals who were affected by the natural disaster, Hurricane Harvey. Approaching the topic to understand whether organizational identification has similar positive outcomes to basking in reflected glory, this study specifically measures whether Houston residents were able to cope better and whether their meaning in life increased. After distributing surveys to Houston residents who reported being impacted by the hurricane, the findings indicated stronger organizational identification with the Houston Astros led to stronger reflected glory. Additionally, fans who felt reflected glory were more able to cope with tragedy, and self-efficacy toward overcoming the disaster partially contributed to this relationship. Lastly, fans who coped with the disaster felt a greater meaning in life. Theoretically, our study makes new connections between organizational identity and reflected glory, while tying reflected glory to coping outcomes. The relationship between coping and meaning in life is also explored. Our findings demonstrate how a city hit by tragedy could potentially see positive outcomes when their local professional team achieves major successes, such as winning the World Series.

show abstract

Section: Reflecting In the Glory Of The Astros' World Series Winmentioning

confidence: 99%

Section: Birging and Coping After Hurricane Harveymentioning

confidence: 99%

Section: Birging and Coping After Hurricane Harveymentioning

confidence: 99%

See 1 more Smart Citation

Coping With Tragedy via Reflected Glory: How the Houston Astros’ World Series Win Contributed to Locals’ Process of Overcoming Hurricane Harvey

Erlichman

Harrison

2019

Communication & Sport

View full text Add to dashboard Cite

show abstract

“…Aygoren et al, (2008) find that matches played by Turkish Soccer clubs produce abnormal returns if those matches are played in Europe. Berument et al, (2013) report that Turkish economic agents increase their risk tolerance after soccer team wins. Botha and De Beer (2013) note that there is no correlation between national sporting events and abnormal asset returns in South Africa.…”

Section: Introductionmentioning

confidence: 99%

Sports Sentiment and Stock Returns: The Bombay Stock Exchange

Beer

Lin

2019

JOFRP

View full text Add to dashboard Cite

Problem/Relevance: This study is motivated by psychological evidence of a strong connection between sporting event outcomes and mood. To evaluate this connection, we analyze the Indian stock market reaction to sudden changes in investors’ mood captured by India’s cricket results. By focusing on a rarely studied mood variable and a very infrequently studied stock exchange, this study adds to our understanding of the association between sporting event outcomes and mood. Research Objective/Questions: In this study, we investigate the impact of cricket wins and losses on the Bombay Stock Exchange. We hypothesize that cricket wins or losses will drive investors’ mood substantially and unambiguously so that the game outcomes will be powerful enough to impact asset prices. We also evaluate the hypothesis that losses are psychologically more powerful than wins. Methodology: We analyze the daily data from the Bombay Stock Exchange using the methodology of Edmonds et al. (2007). This methodology has the advantages of capturing the Bombay Stock Exchange stock returns timevarying volatility through a GARCH model. Major Fundings: Our findings show that cricket wins and losses do not impact the Bombay Stock Exchange. On the exchange, stock prices reflect relevant information. Our results are thus consistent with the Efficient Market Hypothesis. Implication(s): Our results imply that on the Bombay Stock Exchange, cricket wins and losses cannot be reliably used by investors and portfolio managers to achieve returns in excess of the average market returns on a risk-adjusted basis.

show abstract

“…Many studies find that the impact of soccer results on stock returns shows different conclusions, such as symmetric effect (Ashton et al, 2003(Ashton et al, , 2010Berument et al, 2013;Fung et al, 2015), asymmetric effect (Chang et al, 2012;Edmans et al, 2007;Hanke and Kirchler, 2013) and insignificant effect (Gerlach, 2011;Kaplanski and Levy, 2010;Klein et al, 2009). Edmans et al (2007) reveals an asymmetric effect, in which loses have a significant negative effect on the losing countries' local markets, whereas victories do not have a significant effect.…”

Section: Introductionmentioning

confidence: 99%

Sport Sentiments and Stock Returns: Example of FIFA World Cups

Lee¹,

Chiu²

2016

AEF

View full text Add to dashboard Cite

This paper investigates the relation between sport sentiments and excess stock returns, and our data is from the 17th to 20th FIFA World Cups. Many studies find the relation between sport sentiments and stock market returns. In contrast to the previous studies, this paper considers seven conditions: (1) Considering stock markets are efficient markets, this paper uses not only close price but also open price to estimate excess stock returns which is affected by game results; (2) This paper further considers that sport sentiments affect sponsors’ excess stock returns (this point is seldom discussed by the past literature); (3) This paper further considers a time-lagged effect between sport sentiments and excess stock returns. (4) This paper further considers the persistent effect of previous games result. (5) This paper further employs the samples by not only for all participant countries but also for the each of participant countries. (6) This paper further considers the conditions of extreme wins and extreme loses. (7) This paper further considers the samples of championship games to exam the relation between sport sentiments and excess stock returns. Our results find that sport sentiments does not affect stock market returns, the reason is that investors are rational in dealing with sport sentiments (FIFA World Cup) and the stock trading decisions. This paper further finds Sponsors effect hypothesis: A significant positive/ negative effect on sponsors’ excess stock returns after wins/ loses in the championship games, and this effect only occurs on the open price of the next trading day. These empirical results can offer an important information for the investors of sport sponsor stocks.

show abstract

Football and the Risk-Return Relationship for a Stock Market: Borsa Istanbul

Cited by 8 publications

References 35 publications

Coping With Tragedy via Reflected Glory: How the Houston Astros’ World Series Win Contributed to Locals’ Process of Overcoming Hurricane Harvey

Coping With Tragedy via Reflected Glory: How the Houston Astros’ World Series Win Contributed to Locals’ Process of Overcoming Hurricane Harvey

Sports Sentiment and Stock Returns: The Bombay Stock Exchange

Sport Sentiments and Stock Returns: Example of FIFA World Cups

Contact Info

Product

Resources

About