Fatih Bedir
Gürkan Bozma
Murat Turan
and Orcan Mızrak

The cancellation of mass gatherings was one of the earliest measures implemented to combat the spread of COVID-19. One of the sectors affected by this situation was sports organizations. The study aimed to analyze the impact of COVID-19 on the returns and volatility of football club stocks using mean and variance estimates. In line with this aim, the Stoxx Football Index was used to estimate the stocks of football clubs, and a dummy variable was used to estimate the effect of COVID-19. According to the analyses, it was found that COVID-19 had a negative and statistically significant impact...Read more

Thabo J. Gopane and Reggy M. Mmotla

This paper investigates the domestic stock market reaction to the announcement of South Africa winning the bid to host the 1995 Rugby World Cup, 2003 Cricket World Cup, and 2010 FIFA World Cup as well as Morocco concurrently losing the hosting competition for the 2010 FIFA World Cup. We used Event Study and EGARCH models. For Event Study, we evaluated normal market performance using 250 daily stock returns, while abnormal returns were tested within a 41-day (-20, +20) event window. The test was replicated using 2,227 daily compounded stock returns for the EGARCH model. Based on both the...Read more

Ramzi Benkraiem
Frédéric Le Roy
Waël Louhichi

This study investigates the effect of sporting performances on the volatility of listed football clubs. The theoretical background is based on the importance of intangible assets in the football industry and the difficulty in evaluating them. The empirical analysis is based on the family of autoregressive conditional heteroskedasticity (ARCH) models and relates to a sample of football clubs listed on the Alternative Investment Market (AIM) and included in the Dow Jones STOXX Football Index. The findings show that sporting performances have a significant impact on the volatility of listed...Read more