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Do national soccer results really impact on the stock market?

Lookup NU author(s): Professor Robert Hudson

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Abstract

This study is a response to Klein et al. (2008), which was highly critical of earlier work by Ashton et al. (2003). This work considering the link between international soccer results and stock market returns was challenged by Klein et al. (2008), who reject the presence and importance of this link. In response, this work provides a reassessment of the link between international soccer results and stock market returns within Ashton et al. (2003). This new analysis extends the original work by using a larger dataset, employing an extended range of tests and allowing for outliers. It is reported that, contrary to the findings of Klein et al. (2008), the link between international soccer results and stock market prices does indeed exist particularly within the sample period 1984–2002 used by Ashton et al. (2003). After extending the dataset to include observations from 2002 until 2009, it is reported that the effect on stock market returns has declined in importance over this period, particularly the impact of wins.


Publication metadata

Author(s): Ashton JK, Gerrard B, Hudson R

Publication type: Article

Journal: Applied Economics

Year: 2011

Volume: 43

Issue: 26

Pages: 3709-3717

Print publication date: 04/11/2010

ISSN (print): 0003-6846

ISSN (electronic): 1466-4283

Publisher: Routledge

URL: http://dx.doi.org/10.1080/00036841003689762

DOI: 10.1080/00036841003689762


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