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30 Aug 2018 "The Effect of Superstar Firms on College Major Choice" Read more
24 Aug 2018 "The Effect of Subsidiary Accounting Quality on Internal Capital Allocation Efficiency: Evidence from Bank Holding Companies" Read more
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"Game Day Effect on Stock Market: Evidence from Four Major Sports Leagues in U.S."
by Dr Qingliang Fan, Xiamen University

 

Date   15 Mar 2018 (Thu)
Time   2:30pm - 4:00pm
Venue   Rm M714, 7/F, Li Ka Shing Tower, PolyU
     
Authors   Qingliang Fan (Xiamen University) and Ting Wang (North Carolina State University)
     
Abstract   This paper studies the sports games' impact on stock market in perspective of loss effect, rivalry games and media attention. The empirical results show that the loss of games are associated with decreasing of the subsequent daily franchises' local stock market returns. Winning rivalry games is found to be associated with higher stock returns. The game day effect is mitigated for games with higher media exposure. Specifically, we find that  the media attention will reduce the local stock returns in the case of winning games for NBA and NHL. At last, we examine the robustness of our finding by showing that the loss effect and win effect are the result of investor sentiment instead of the efficient market mechanism.

 

All are welcome!

 

 

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