Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.22/1813
Título: Market impact of international sporting and cultural events
Autor: Martins, António
Serra, Ana
Palavras-chave: Market efficiency
Mega-events
Anticipation
Event studies
JEL classification
G14 - Information and market efficiency
G310 - Fixed investment studies
Data: 2011
Editora: Springer
Relatório da Série N.º: Journal of Economics and Finance; Vol. 35, Nº 4
Resumo: We study market reaction to the announcements of the selected country hosting the Summer and Winter Olympic Games, the World Football Cup, the European Football Cup and World and Specialized Exhibitions. We generalize previous results analyzing a large number and different types of mega-events, evaluate the effects for winning and losing countries, investigate the determinants of the observed market reaction and control for the ex ante probability of a country being a successful bidder. Average abnormal returns measured at the announcement date and around the event are not significantly different from zero. Further, we find no evidence supporting that industries, that a priori were more likely to extract direct benefits from the event, observe positive significant effects. Yet, when we control for anticipation, the stock price reactions around the announcements are significant.
Peer review: yes
URI: http://hdl.handle.net/10400.22/1813
ISSN: 1055-0925
Versão do Editor: http://link.springer.com/article/10.1007/s12197-009-9087-1
Aparece nas colecções:ESTGF - CE - Artigos

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