Market impact of international sporting and cultural events

• Type: Article in International Scientific Journal
• Date: 2011

Authors

Martins, AM (Author) Other; Ana Paula Serra (Author) FEP

Journal

Title: Journal of Economics and Finance

Vol. 35

Pages: 382-416

ISSN: 1055-0925

Publisher: Springer Nature

Indexing

Scopus - 18 Citations

Other information

Authenticus ID: 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.

Language: English

Type (Professor's evaluation): Scientific