Title: Football cultural events and stock market returns: the case of FIFA World Cup

Authors: Elvira Anna Graziano; Francesca Vicentini

Addresses: Link Campus University, Via del Casale di San Pio V, 44, 00165 Rome, Italy ' Link Campus University, Via del Casale di San Pio V, 44, 00165 Rome, Italy

Abstract: Over the past two decades, cultural sporting mega-events such as the Olympic Games or the FIFA World Cup have captured a leading position in the consumption-based economic development policies of many late-capitalist societies (Fehle et al., 2005; Chang et al., 2012). Recent studies have pointed out the importance of sporting mega-events on the analysis of investor moods (Martínez and Román, 2014; Kaplanski and Levy, 2010; Edmans et al., 2007). Moving from these evidences, this paper aims at analysing whether the effect of Italian national soccer team results in the FIFA World Cup competition between 2002-2014 influenced the trend of national stock FTSE MIB indexes. Results demonstrate that football results have a strong impact on investor moods: sporting events in general have a significant effect on investor behaviours. In particular, football game results influence stock market returns since soccer is a consistent part of many people's lives.

Keywords: mega projects; creative industries; investor sentiments; investor moods; sporting mega-event; football; national soccer teams; stock market reaction; sports performance.

DOI: 10.1504/IJEPDM.2017.083919

International Journal of Environmental Policy and Decision Making, 2017 Vol.2 No.2, pp.167 - 178

Received: 11 Mar 2016
Accepted: 30 Sep 2016
Published online: 26 Apr 2017 *

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