Note(s): Table 9 shows the results of the regression model run on CARs estimated around the announcement of team defeats in UCL competitions. The dependent variables are CARs quantified in the event windows (0, 10). Independent variables are distinguished between firm-specific and match variables. Firm-specific variables are the following: the natural logarithm of total assets as a proxy of firm size, the ratio between EBIT and operating revenues as a proxy of profitability, and capital-to-total assets ratio as a proxy of capitalization. In the second group we have a series of dummies for match-characteristics: round-of-16, quarter-final, semifinal and final assume value 1 if the match belongs to that specific stage of UCL competition, favorite is equal to 1 if the team is considered favorite for the match, and difference is equal to 1 if the goal difference of the match exceeds 3 goals. Columns (1) and (2) show regression results including country dummies and team dummies, respectively. In column (3), profit is calculated as the ratio between profit before taxes and operating revenues, while goal-difference is estimated as the difference between the goals scored by the opposing teams during the match

*, **, *** denote the statistical significance at 10%, 5% and 1%, respectively. Robust standard errors in brackets