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August 17, 2007

●losing a soccer game

うは。

Sports Sentiment and Stock Returns (2007, JF)
ALEX EDMANS, DIEGO GARCÍA, and ØYVIND NORLI
This paper investigates the stock market reaction to sudden changes in investor mood. Motivated by psychological evidence of a strong link between soccer outcomes and mood, we use international soccer results as our primary mood variable. We find a significant market decline after soccer losses. For example, a loss in the World Cup elimination stage leads to a next-day abnormal stock return of −49 basis points. This loss effect is stronger in small stocks and in more important games, and is robust to methodological changes. We also document a loss effect after international cricket, rugby, and basketball games.

まぢすか.....

とはいえJFのeditorもちょっとネタ気味と考えたのか、巻頭じゃなくてブービーですね。
なんつーかinternational rugby -> basketball -> cricketと行くにしたがって怪しくなりますが。

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このエントリーのトラックバックURL:
http://www.law.tohoku.ac.jp/~hatsuru/cgi-local/mt/mt-tb.cgi/1292

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