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Abstract(s)
As receitas dos clubes de futebol resultam, principalmente, do espetáculo e da procura associada, em que a Bolsa de Valores surge como uma alternativa de financiamento para que os clubes mantenham a competitividade interna e externa. A presente dissertação tem como objetivo a avaliação do impacto dos resultados desportivos nos preços das ações dos clubes europeus cotados em bolsa. Centra-se na seguinte questão de investigação: “Os resultados desportivos dos clubes de futebol cotados em bolsa têm consequências significativas sobre os preços das ações?”
A análise desta questão de investigação consubstancia-se numa abordagem estatística, realizada a partir da observação da presença de retornos anormais na amostra selecionada durante o período da estimativa (2007-2014). Os testes são efetuados para uma amostra que compreende 3223 jogos de futebol e 10 clubes das principais ligas europeias, incluindo a liga portuguesa. A metodologia recorre ao estudo de eventos e o teste estatístico utilizado é o t de Student.
Os resultados do estudo mostram que as vitórias estão positiva e significativamente relacionadas com retornos anormais positivos das ações em bolsa, enquanto os empates ou derrotas geram efeitos adversos traduzidos por retornos anormais negativos. Além disso, o mercado responde assimetricamente, pois o impacto de uma derrota é maior do que uma vitória. Ao contrário do esperado, o mercado bolsista não reage de maneira mais forte aos resultados de jogos em competições europeias do que jogos em ligas nacionais. As vitórias de fim de época não parecem ter impacto positivo sobre os preços dos títulos. Os clubes europeus têm retornos anormais médios superiores aos clubes portugueses nas vitórias e derrotas. Nos derbies, apenas, as vitórias resultam em retornos anormais médios superiores em comparação com partidas com clubes não rivais. Concluiu-se, assim, que o estudo fornece validade à maioria das hipóteses levantadas, constituindo mais um contributo para o debate sobre o efeito das performances desportivas na volatilidade das ações dos clubes cotados em bolsa.
As football club revenues mainly result from the spectacle and associated demand, the Stock Exchange increases as a financing alternative for clubs to maintain for internal and external promotion. This dissertation aims to evaluate the impact of sports results on stock prices of publicly traded sports clubs. It focused on the following research question: “Do the sports results of publicly traded football clubs have negative impacts on stock prices?” An analysis of this research question consists of a statistical analysis, performed by observing the presence of returns or another sample selected during the estimation period (2007-2014). The tests are performed for a sample comprising 3,223 football games and 10 major league clubs, including the Portuguese league. One methodology for the study of events and the statistical test used is that of Student. The study results show that wins are positive and are related to positive abnormal stock returns, while draws or losses generate adverse effects translated by abnormal returns used. In addition, the market responds asymmetrically because the impact of a defeat is greater than a victory. Contrary to expectations, the stock market is not reacting most strongly to the results of slot games in domestic games. As end-time victories do not seem to have a positive impact on bond prices. European clubs have higher average abnormal returns than Portuguese clubs in wins and losses. In derbies, only, wins result in higher average abnormal returns compared to matches with non-rival clubs. It was concluded, therefore, that the study provides validity to most of the hypotheses raised, establishing another contribution to the debate about the effect of sports performances on the volatility of shares of listed clubs.
As football club revenues mainly result from the spectacle and associated demand, the Stock Exchange increases as a financing alternative for clubs to maintain for internal and external promotion. This dissertation aims to evaluate the impact of sports results on stock prices of publicly traded sports clubs. It focused on the following research question: “Do the sports results of publicly traded football clubs have negative impacts on stock prices?” An analysis of this research question consists of a statistical analysis, performed by observing the presence of returns or another sample selected during the estimation period (2007-2014). The tests are performed for a sample comprising 3,223 football games and 10 major league clubs, including the Portuguese league. One methodology for the study of events and the statistical test used is that of Student. The study results show that wins are positive and are related to positive abnormal stock returns, while draws or losses generate adverse effects translated by abnormal returns used. In addition, the market responds asymmetrically because the impact of a defeat is greater than a victory. Contrary to expectations, the stock market is not reacting most strongly to the results of slot games in domestic games. As end-time victories do not seem to have a positive impact on bond prices. European clubs have higher average abnormal returns than Portuguese clubs in wins and losses. In derbies, only, wins result in higher average abnormal returns compared to matches with non-rival clubs. It was concluded, therefore, that the study provides validity to most of the hypotheses raised, establishing another contribution to the debate about the effect of sports performances on the volatility of shares of listed clubs.
Description
Keywords
Ações Clubes de futebol Resultados desportivos Retorno anormal Shares Abnormal return Football clubs Sport results