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The impact of the Athens Olympic Games on the Athens Stock Exchange

Author

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  • Christos Floros

Abstract

Purpose - The purpose of this paper is to examine the relationship between the Athens Olympic Games and the Athens Stock Exchange (ASE). It aims to test: the effect of the Athens 2004 Olympics on the general index of the ASE; the impact of the Olympic Games 2004 to the sponsors' prices traded on the ASE (based on three National sponsors and one International sponsor); and the effect of the Greek Olympic Champions (winners' effect) on the course of the ASE. Design/methodology/approach - This paper captures financial time series characteristics by employing an AR(1)‐GARCH(1,1) model with generalized error distribution (GED). The paper uses daily closing prices for the General ASE index and four Grand Sponsors listed in the ASE (Coca‐Cola, Alpha Bank, OTE, and Cosmote) over the period 19 January 1996 to 20 December 2005. Findings - The results show no effect on the general ASE index, but a positive effect on the OTE (Hellenic Telecommunications Organisation) index. Also, the results show a positive effect of Greek Medallists on the ASE index and two National sponsors, Alpha Bank and OTE. Research limitations/implications - Further research should investigate the impact of other mega sporting events (Mundial, European Championships) on the course of international stock markets using high‐frequency datasets and models. Practical implications - The findings are strongly recommended to financial managers and investors dealing with Greek stock indices. Originality/value - The contribution of this paper is to examine the above hypotheses on the relationship between the Athens Olympic Games and the ASE using a large sample data, and a Generalised Autoregressive Conditional Heteroskedasticity (GARCH) model with GED.

Suggested Citation

  • Christos Floros, 2010. "The impact of the Athens Olympic Games on the Athens Stock Exchange," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 37(6), pages 647-657, November.
  • Handle: RePEc:eme:jespps:v:37:y:2010:i:6:p:647-657
    DOI: 10.1108/01443581011086675
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    Citations

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    Cited by:

    1. Dimitrios Kourtidis & Željko Šević & Prodromos Chatzoglou, 2016. "Mood and stock returns: evidence from Greece," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 43(2), pages 242-258, May.
    2. Refai, Hisham Al & Eissa, Mohamed Abdelaziz, 2017. "The impact of FIFA’s official announcements on the stock market of Qatar: The case of the 2022 World Cup," Research in International Business and Finance, Elsevier, vol. 41(C), pages 347-353.
    3. Lakshmi. B & Rebecca J Alex, 2018. "Effect of GST Rate Announcement on Sectorial Indices of National Stock Exchange," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 9(1), pages 29-36, January.
    4. Krystian M. Zawadzki & Marcin Potrykus, 2023. "Stock Markets’ Reactions to the Announcement of the Hosts. An Event Study in the Analysis of Large Sporting Events in the Years 1976–2032," Journal of Sports Economics, , vol. 24(6), pages 759-800, August.
    5. Alper Veli ÇAM, 2015. "The Effects of Sporting Success on Stock Returns: An Application in Istanbul Stock Exchange," Journal of Economics Library, KSP Journals, vol. 2(3), pages 147-154, September.

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