Market impact of international sporting and cultural events

Journal of Economics and Finance - Tập 35 - Trang 382-416 - 2009
António Miguel Martins1, Ana Paula Serra2
1Faculdade de Economia da Universidade do Porto, Porto, Portugal
2CEMPRE, Faculdade de Economia da Universidade do Porto, Porto, Portugal

Tóm tắt

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.

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Thông tin xuất bản

Journal of Economics and Finance

Tập 35

382-416

Thông tin tác giả