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Authors
Advisor(s)
Abstract(s)
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.
Description
Keywords
Market efficiency Mega-events Anticipation Event studies JEL classification G14 - Information and market efficiency G310 - Fixed investment studies