Sport Sentiment And Stock Returns: Firm Level Data
This paper is motivated by Edmans, García, & Norli (2007) reveal a strong relation between sport sentiments and local stock returns. This paper investigates the relation between sport sentiment and stock returns, and our data were from the 18th to 20th FIFA World Cups. Many studies have found an asymmetric and inconsistent relationship between sport sentiment and stock returns. In contrast to previous literature, we consider to exam the relation between sport sentiment and stock returns by using firm level data. In addition, we consider to use not only close price but open price to estimate excess stock returns.
Keywords- Sport Sentiment, Stock Returns, FIFA World Cups