Asset price effects arising from sports results and investor mood: the case of a homogenous fan base area

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dc.contributor.author Gallagher, Robert
dc.contributor.author O'Sullivan, Niall
dc.date.accessioned 2013-11-26T13:27:44Z
dc.date.available 2013-11-26T13:27:44Z
dc.date.issued 2011
dc.identifier.citation Robert Gallagher and Niall O’ Sullivan, Asset Price Effects Arising from Sports Results and Investor Mood: The Case of a Homogenous Fan Base Area, Applied Economics Quarterly 57/4 (2011), pages 285-302. en
dc.identifier.volume 57 en
dc.identifier.issued 4 en
dc.identifier.startpage 285 en
dc.identifier.endpage 301 en
dc.identifier.issn 1611-6607
dc.identifier.uri http://hdl.handle.net/10468/1268
dc.description.abstract This paper contributes to the behavioural finance literature that examines the asset pricing impact of mood altering events such as sports results, sunshine levels, daylight hours, public holidays, temperature etc. Specifically, we investigate whether variations in investor mood arising from wins and losses in major sporting events have an impact on stock market returns. We examine the case of Ireland. Ireland is an interesting case because its people are passionate about sport, the domestic population is relatively homogenous (rather than divided) in terms of support for Irish competitors in international competition and domestic investors comprise a large proportion of owners of Irish stocks—all factors which suggest that if a mood effect exists it should show up in this case. Generally, we do not find a strong link between sport results and stock market returns. Initial results do suggest that in events of particularly high importance, such as the knock-out stages of major competitions, losses are associated with negative returns. However, on controlling for indirect economic effects of sporting wins and losses such as on tourism and travel we find the mood effect is no longer significant. en
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.publisher Dunker & Humblot en
dc.relation.uri http://aeq.diw.de/aeq/index.jsp?n=0010&p=13&c=summary/AEQ_11_4_2
dc.subject Investor mood en
dc.subject Mood effects en
dc.subject Behavioural finance en
dc.title Asset price effects arising from sports results and investor mood: the case of a homogenous fan base area en
dc.type Article (peer-reviewed) en
dc.internal.authorcontactother Niall O'Sullivan, Economics, University College Cork, Cork, Ireland. +353-21-490-3000 Email: niall.osullivan@ucc.ie en
dc.internal.availability Full text available en
dc.date.updated 2013-05-28T15:21:31Z
dc.description.version Submitted Version en
dc.internal.rssid 166295121
dc.contributor.funder Irish Research Council for Humanities and Social Sciences en
dc.description.status Peer reviewed en
dc.identifier.journaltitle Applied Economics Quarterly en
dc.internal.copyrightchecked Yes The journal indicates that "the author is free to grant the right of publication after a minimum of one year after its publication in the journal". More than one year has elapsed. en
dc.internal.licenseacceptance Yes en
dc.internal.IRISemailaddress niall.osullivan@ucc.ie en


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