Fußball und Anlegerverhalten im internationalen Vergleich: Evidenz von 12 Kontinentalmeisterschaften

This study analyzes the match results of 12 continental soccer championships (European, Asian and South American championships) between 1998 and 2012 and their impact on the stock markets of the participating countries. the results show remarkably similar reactions across the three continents. these reactions are asymmetrical. While a loss in a championship game, regardless of the phase (qualifying or finals), is associated with price losses on the first trading day after the game, the more important the game, the greater the price losses. Overall, no positive effects on the national stock markets can be observed for Siege. Similar results can be observed for the final matches of the last four World Cups. Unexpected results in continental championship games have a greater impact on stock markets than expected ones, especially unexpected victories.