Football cultural events and stock market returns: the case of FIFA World Cup Online publication date: Wed, 26-Apr-2017
by Elvira Anna Graziano; Francesca Vicentini
International Journal of Environmental Policy and Decision Making (IJEPDM), Vol. 2, No. 2, 2017
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.
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