Market impact of international sporting and cultural events

• Tipo: Artigo em Revista Científica Internacional
• Data: 2011

Autores

Martins, AM (Autor) Outra; Ana Paula Serra (Autor) FEP

Revista

Título: Journal of Economics and Finance

Vol. 35

Páginas: 382-416

ISSN: 1055-0925

Editora: Springer Nature

Indexação

Scopus - 18 Citações

Outras Informações

ID Authenticus: P-008-0K2

DOI: 10.1007/s12197-009-9087-1

Abstract (EN): We study market reaction to the announcements of the selected country hosting the Summer and Winter Olympic Games, the World Football Cup, the European Football Cup and World and Specialized Exhibitions. We generalize previous results analyzing a large number and different types of mega-events, evaluate the effects for winning and losing countries, investigate the determinants of the observed market reaction and control for the ex ante probability of a country being a successful bidder. Average abnormal returns measured at the announcement date and around the event are not significantly different from zero. Further, we find no evidence supporting that industries, that a priori were more likely to extract direct benefits from the event, observe positive significant effects. Yet, when we control for anticipation, the stock price reactions around the announcements are significant. © 2009 Springer Science+Business Media, LLC.

Idioma: Inglês

Tipo (Avaliação Docente): Científica