Abstract
Ashton et al. (2003), Edmans et al. (2007) and Kaplanski and Levy (2010) document abnormal stock market returns on the trading day following international sporting events, particularly soccer. This study examines returns in matching countries and finds that unusual returns also exist in those countries even though their national teams did not play. The evidence shows that national team matches do not affect neutral markets like the matching countries, which implies that sports do not cause unusual returns in either domestic or foreign markets. The results indicate that changes in investor sentiment following international sports matches do not have a significant effect on asset prices.
Published Version
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