Previous main studies regarding the relationship between soccer teams' performance and stock market reaction
| Authors | Sample | Years of reference | Main results |
|---|---|---|---|
| Renneboog and Vanbrabant (2000) | 19 UK soccer teams | 1995–1998 | Wins are associated with increases in price on the stock market, while the opposite is true for ties and especially for defeats |
| Zuber et al. (2005) | 10 UK clubs | 1997–2000 | Match importance has a low significance in explaining the stock performances of the examined clubs |
| Palomino et al. (2009) | 16 UK clubs | 1999–2002 | The stock market reacts to news about match results. Game results of small clubs generate much stronger market reactions than those of large clubs. No market reaction is observed after the release of betting information |
| Bell et al. (2012) | 19 UK clubs | 2000–2008 | Several innovative proxies are used to assess the importance of matches, including goal and point surprise and expected degree of rivalry between the clubs involved in a specific match. While the former covariates are found to exert a positive and significant effect on stock market returns, the impact of rivalry appears to be modest |
| Duque and Ferreira (2005) | 2 Portuguese clubs | 1998–2003 | Wins are usually linked to higher returns while lower returns follow ties and defeats |
| Demir and Danis (2011) | 3 Turkish clubs | 2008–2009 | Ties/defeats are usually associated with lower stock returns, while a non-significant relationship is found for wins |
| Saraç and Zeren (2013) | 3 Turkish clubs | 2005–2012 | Soccer performance is positively linked with stock returns |
| Scholtens and Peenstra (2009) | 8 clubs from different European countries | 2000–2004 | Wins lead to increases in stock returns while the opposite holds (with greater magnitude) for ties and for defeats |
| Castellani et al. (2015) | 23 European clubs | 2007–2009 | A positive relationship is found between sporting results and stock returns: wins lead to higher returns and ties/defeats to lower performance on the stock market. Unexpected results are found to amplify the magnitude of market reaction |
| Gimet and Montchaud (2016) | 24 European teams | 2001–2010 | Stock returns are more dependent on microeconomic and macroeconomic covariates than on match results |
| Godinho and Cerqueira (2018) | 12 European teams | 2001–2013 | A link is found between sporting results and stock performance in the case of specific and important matches |
| Berkowitz and Depken (2018) | 17 English football clubs | 1992–2008 | Club short-term financial performance is negatively impacted by losing but not impacted by winning |
| Authors | Sample | Years of reference | Main results |
|---|---|---|---|
| 19 UK soccer teams | 1995–1998 | Wins are associated with increases in price on the stock market, while the opposite is true for ties and especially for defeats | |
| 10 UK clubs | 1997–2000 | Match importance has a low significance in explaining the stock performances of the examined clubs | |
| 16 UK clubs | 1999–2002 | The stock market reacts to news about match results. Game results of small clubs generate much stronger market reactions than those of large clubs. No market reaction is observed after the release of betting information | |
| 19 UK clubs | 2000–2008 | Several innovative proxies are used to assess the importance of matches, including goal and point surprise and expected degree of rivalry between the clubs involved in a specific match. While the former covariates are found to exert a positive and significant effect on stock market returns, the impact of rivalry appears to be modest | |
| 2 Portuguese clubs | 1998–2003 | Wins are usually linked to higher returns while lower returns follow ties and defeats | |
| 3 Turkish clubs | 2008–2009 | Ties/defeats are usually associated with lower stock returns, while a non-significant relationship is found for wins | |
| 3 Turkish clubs | 2005–2012 | Soccer performance is positively linked with stock returns | |
| 8 clubs from different European countries | 2000–2004 | Wins lead to increases in stock returns while the opposite holds (with greater magnitude) for ties and for defeats | |
| 23 European clubs | 2007–2009 | A positive relationship is found between sporting results and stock returns: wins lead to higher returns and ties/defeats to lower performance on the stock market. Unexpected results are found to amplify the magnitude of market reaction | |
| 24 European teams | 2001–2010 | Stock returns are more dependent on microeconomic and macroeconomic covariates than on match results | |
| 12 European teams | 2001–2013 | A link is found between sporting results and stock performance in the case of specific and important matches | |
| 17 English football clubs | 1992–2008 | Club short-term financial performance is negatively impacted by losing but not impacted by winning |
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