Giuseppe Galloppo and Claudio Boido

In this paper, we show the relationship between the outcome of football events and stock returns, based on the thesis that sport results affect investor sentiment. We analyzed stock price performance indicators and football results by taking 25 publicly listed soccer companies into account. The most extensive database ever used (11,977 matches) was considered. It includes football results in the National Championship, National Cup, and Continental Cups in the period between the 2003–2004 and the 2014–2015 seasons. The analysis revealed the economic and significant statistical effects on...Read more