IDEAS home Printed from https://ideas.repec.org/a/rde/rivdes/202102maci_pacelli_dapolito.html
   My bibliography  Save this article

Societ〠Di Calcio Europee Quotate E Mercati Finanziari: Un'Analisi Empirica Sulle Determinanti Dei Corsi Azionari

Author

Listed:
  • Giampiero Maci
  • Vincenzo Pacelli
  • Elisabetta D'Apolito

Abstract

This article wants to analyze the influence of the sports performance of listed football clubs on their share prices as well as the relationship between the dynamics of the share prices, the competitive results, the economic and financial performance of all the European football clubs listed in Stock Exchange, in the period between 2012 and 2017. The process of forming the share price of listed football clubs is investigated through the multiple regression model in which the share price (dependent variable) is a function of several (independent) variables, both internal and external to listed European football clubs. This is because we want to analyze the impact on company share prices of both sports results and economic phenomena and business dynamics that affect the conditions of economic, financial and equity balance.

Suggested Citation

  • Giampiero Maci & Vincenzo Pacelli & Elisabetta D'Apolito, 2021. "Societ〠Di Calcio Europee Quotate E Mercati Finanziari: Un'Analisi Empirica Sulle Determinanti Dei Corsi Azionari," Rivista di Diritto ed Economia dello Sport, Centro di diritto e business dello Sport, vol. 17(2), pages 69-90, novembre.
    • Handle: RePEc:rde:rivdes:202102maci_pacelli_dapolito
    as

    Download full text from publisher

    File URL: http://www.rdes.it/RDES_2_2021_Maci_Pacelli_Dapolito.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Hino, Yuta & Takeda, Fumiko, 2020. "Market reactions to sport sponsorship announcements: Comparison between sponsors and their rivals," Sport Management Review, Elsevier, vol. 23(3), pages 401-413.
    2. Stefan Szymanski, 2010. "Income Inequality, Competitive Balance and the Attractiveness of Team Sports: Some Evidence and a Natural Experiment from English Soccer," Palgrave Macmillan Books, in: Football Economics and Policy, chapter 9, pages 182-201, Palgrave Macmillan.
    3. Chan, Yuk-Shee & Thakor, Anjan V, 1987. "Collateral and Competitive Equilibria with Moral Hazard and Private Information," Journal of Finance, American Finance Association, vol. 42(2), pages 345-363, June.
    4. Stephen Morrow & Leigh Robinson, 2013. "The FTSE-British Olympic Association Initiative: A resource dependence perspective," Sport Management Review, Taylor & Francis Journals, vol. 16(4), pages 413-423, October.
    5. Thomas Hoehn & Stefan Szymanski, 2010. "The Americanization of European football," Palgrave Macmillan Books, in: Football Economics and Policy, chapter 3, pages 52-96, Palgrave Macmillan.
    6. Ramzi Benkraiem & Waël Louhichi & Pierre Marques, 2009. "Market reaction to sporting results The case of European listed football clubs," Post-Print halshs-00428516, HAL.
    7. Ceren Oral, 2016. "Financial Performance Evaluation of Sport Clubs Traded in Borsa Istanbul by Using Grey Relational Analysis," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(5), pages 293-299, May.
    8. Boscá, José E. & Liern, Vicente & Martínez, Aurelio & Sala, Ramøn, 2009. "Increasing offensive or defensive efficiency? An analysis of Italian and Spanish football," Omega, Elsevier, vol. 37(1), pages 63-78, February.
    9. Renneboog, L.D.R. & Vanbrabant, P., 2000. "Share Price Reactions to Sporty Performances of Soccer Clubs listed on the London Stock Exchange and the AIM," Discussion Paper 2000-19, Tilburg University, Center for Economic Research.
    10. Millon, Marcia H & Thakor, Anjan V, 1985. "Moral Hazard and Information Sharing: A Model of Financial Information Gathering Agencies," Journal of Finance, American Finance Association, vol. 40(5), pages 1403-1422, December.
    11. Carlos Pestana Barros & Stephanie Leach, 2006. "Performance evaluation of the English Premier Football League with data envelopment analysis," Applied Economics, Taylor & Francis Journals, vol. 38(12), pages 1449-1458.
    12. Allen, Franklin, 1990. "The market for information and the origin of financial intermediation," Journal of Financial Intermediation, Elsevier, vol. 1(1), pages 3-30, March.
    13. Ron De Heij & Patrick Vermeulen & Linda Teunter, 2006. "Strategic actions in European soccer: Do they matter?," The Service Industries Journal, Taylor & Francis Journals, vol. 26(6), pages 615-632, September.
    14. Richard Zuber & Patrick Yiu & Reinhold Lamb & John Gandar, 2005. "Investor-fans? An examination of the performance of publicly traded English Premier League teams," Applied Financial Economics, Taylor & Francis Journals, vol. 15(5), pages 305-313.
    15. Antonio Samagaio & Eduardo Couto & Jorge Caiado, 2009. "Sporting, financial and stock market performance in English football: an empirical analysis of structural relationships," CEMAPRE Working Papers 0906, Centre for Applied Mathematics and Economics (CEMAPRE), School of Economics and Management (ISEG), Technical University of Lisbon.
    16. Fiona Carmichael & Dennis Thomas & Robert Ward, 2000. "Team performance: the case of English Premiership football," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 21(1), pages 31-45.
    17. Adrian R. Bell & Chris Brooks & David Matthews & Charles Sutcliffe, 2012. "Over the moon or sick as a parrot? The effects of football results on a club's share price," Applied Economics, Taylor & Francis Journals, vol. 44(26), pages 3435-3452, September.
    18. Hakan Berument & Esin Gšzpinar & Basak Ceylan, 2006. "Performance of Soccer on the Stock Market:Evidence from Turkey," Working Papers 0606, Department of Economics, Bilkent University.
    19. Thompson, Rb & Olsen, C & Dietrich, Jr, 1987. "Attributes Of News About Firms - An Analysis Of Firm-Specific News Reported In The Wall Street Journal Index," Journal of Accounting Research, Wiley Blackwell, vol. 25(2), pages 245-274.
    20. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    21. Morrow, Stephen & Robinson, Leigh, 2013. "The FTSE-British Olympic Association Initiative: A resource dependence perspective," Sport Management Review, Elsevier, vol. 16(4), pages 413-423.
    22. Peter Dawson & Stephen Dobson, 2002. "Managerial efficiency and human capital: an application to English association football," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 23(8), pages 471-486.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Antonio Samagaio & Eduardo Couto & Jorge Caiado, 2009. "Sporting, financial and stock market performance in English football: an empirical analysis of structural relationships," CEMAPRE Working Papers 0906, Centre for Applied Mathematics and Economics (CEMAPRE), School of Economics and Management (ISEG), Technical University of Lisbon.
    2. Fiona Carmichael & Giambattista Rossi & Denis Thomas, 2017. "Production, Efficiency, and Corruption in Italian Serie A Football," Journal of Sports Economics, , vol. 18(1), pages 34-57, January.
    3. Pedro Godinho & Pedro Cerqueira, 2018. "The Impact of Expectations, Match Importance, and Results in the Stock Prices of European Football Teams," Journal of Sports Economics, , vol. 19(2), pages 230-278, February.
    4. Adrian R. Bell & Chris Brooks & David Matthews & Charles Sutcliffe, 2012. "Over the moon or sick as a parrot? The effects of football results on a club's share price," Applied Economics, Taylor & Francis Journals, vol. 44(26), pages 3435-3452, September.
    5. Emilios Galariotis & Christophe Germain & Constantin Zopounidis, 2018. "A combined methodology for the concurrent evaluation of the business, financial and sports performance of football clubs: the case of France," Annals of Operations Research, Springer, vol. 266(1), pages 589-612, July.
    6. Robert Ślepaczuk & Igor Wabik, 2020. "The impact of the results of football matches on the stock prices of soccer clubs," Working Papers 2020-35, Faculty of Economic Sciences, University of Warsaw.
    7. Ferreira, Paulo & Loures, Luís & Nunes, José Rato & Dionísio, Andreia, 2017. "The behaviour of share returns of football clubs: An econophysics approach," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 472(C), pages 136-144.
    8. Ender Demir & Hakan Danis, 2011. "The Effect of Performance of Soccer Clubs on Their Stock Prices: Evidence from Turkey," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 47(0), pages 58-70, September.
    9. Andrés Picazo-Tadeo & Francisco González-Gómez, 2010. "Does playing several competitions influence a team’s league performance? Evidence from Spanish professional football," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 18(3), pages 413-432, September.
    10. Ender Demir & Ugo Rigoni, 2017. "You Lose, I Feel Better," Journal of Sports Economics, , vol. 18(1), pages 58-76, January.
    11. Jerome Geyer-Klingeberg & Markus Hang & Matthias Walter & Andreas Rathgeber, 2018. "Do stock markets react to soccer games? A meta-regression analysis," Applied Economics, Taylor & Francis Journals, vol. 50(19), pages 2171-2189, April.
    12. Pedro Godinho & Pedro Cerqueira, 2018. "The Impact of Expectations, Match Importance, and Results in the Stock Prices of European Football Teams," Journal of Sports Economics, , vol. 19(2), pages 230-278, February.
    13. 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).
    14. Elisabetta D¡¯Apolito & Vincenzo Pacelli, 2017. "What Influences Bank Stock Prices in Times of Crisis? An International Survey," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 9(6), pages 1-14, June.
    15. Bert Scholtens & Wijtze Peenstra, 2009. "Scoring on the stock exchange? The effect of football matches on stock market returns: an event study," Applied Economics, Taylor & Francis Journals, vol. 41(25), pages 3231-3237.
    16. Sakınç, İlker, 2014. "Using Grey Relational Analysis to Determine the Financial Performance of Turkish Football Clubs," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 1(1), pages 22-33.
    17. Torben Tiedemann & Tammo Francksen & Uwe Latacz-Lohmann, 2011. "Assessing the performance of German Bundesliga football players: a non-parametric metafrontier approach," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 19(4), pages 571-587, December.
    18. 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.
    19. Fabíola Zambom-Ferraresi & Lucía Isabel García-Cebrián & Fernando Lera-López & Belén Iráizoz, 2017. "Performance Evaluation in the UEFA Champions League," Journal of Sports Economics, , vol. 18(5), pages 448-470, June.
    20. Francisco González-Gómez & Andrés J. Picazo-Tadeo, 2010. "Can We Be Satisfied With Our Football Team? Evidence From Spanish Professional Football," Journal of Sports Economics, , vol. 11(4), pages 418-442, August.

    More about this item

    Keywords

    Stock prices; football clubs; balance sheet indicators.;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • Z20 - Other Special Topics - - Sports Economics - - - General
    • Z23 - Other Special Topics - - Sports Economics - - - Finance

    Statistics

    Access and download statistics

    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:rde:rivdes:202102maci_pacelli_dapolito. 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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: Raul Caruso (email available below). General contact details of provider: http://www.rdes.it/ .

    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.