IDEAS home Printed from https://ideas.repec.org/a/eee/riibaf/v70y2024ipbs0275531924001521.html
   My bibliography  Save this article

Sports failures and stock returns between rationality and emotionality: Evidence from the UEFA Champions League

Author

Listed:
  • Supino, Enrico
  • Tenucci, Andrea
  • Di Nanna, Gianluca

Abstract

The paper explores the relationships between sports performance and financial performance in football, with a focus on the UEFA Champions League competition games. Conducting an Event Study Analysis on games of eighteen listed football companies taking part in the UEFA Champions League from 2006, the paper finds that the exit from the competition produced a negative statistically significant impact on the stock returns of listed football companies. A double, mixed and contrasting effect co-exists: the rational and the emotional (sentiment). On the one hand, investors rationally evaluate the sports failures by considering the teams' realistic chances of success. On the other hand, certain emotional aspects are important in investors' decisions. The emotional part is also present in variables originally expected to be rational.

Suggested Citation

  • Supino, Enrico & Tenucci, Andrea & Di Nanna, Gianluca, 2024. "Sports failures and stock returns between rationality and emotionality: Evidence from the UEFA Champions League," Research in International Business and Finance, Elsevier, vol. 70(PB).
    • Handle: RePEc:eee:riibaf:v:70:y:2024:i:pb:s0275531924001521
    DOI: 10.1016/j.ribaf.2024.102359
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0275531924001521
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.ribaf.2024.102359?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:riibaf:v:70:y:2024:i:pb:s0275531924001521. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/ribaf .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.