Local sports sentiment and returns of locally headquartered stocks: A firm-level analysis

Shao-Chi Chang, Sheng Syan Chen, Robin K. Chou, Yueh Hsiang Lin

研究成果: Article

33 引文 斯高帕斯(Scopus)

摘要

We undertake a firm-level analysis of the relation between National Football League (NFL) game outcomes and the return patterns of Nasdaq firms headquartered geographically near the NFL teams. We find that a team's loss leads to lower next-day returns for locally headquartered stocks and that this impact increases for a surprising loss or a critical game loss. The negative effects of game losses are stronger for stocks that are more vulnerable to shifts in sports sentiment. Our results suggest that the game outcomes of local sports teams influence investor sentiment, which significantly affects the returns of localized trading stocks.

原文English
頁(從 - 到)309-318
頁數10
期刊Journal of Empirical Finance
19
發行號3
DOIs
出版狀態Published - 2012 六月 1

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics

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