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Fußball und Anlegerverhalt en im internationalen Vergleich: Evidenz von 12 Kontinentalmeisterschaften

Author

Listed:
  • Sascha Kolaric

    (Technische Universität Darmstadt)

  • Zvonimir Pusic

    (Technische Universität Darmstadt)

  • Dirk Schiereck

    (Technische Universität Darmstadt)

Abstract

Zusammenfassung Diese Studie analysiert die Spielergebnisse von 12 kontinentalen Fußballmeisterschaften (Europa-, Asien- und Südamerikameisterschaft) zwischen 1998 und 2012 und deren Auswirkungen auf die Aktienmärkte der teilnehmenden Länder. Im Ergebnis zeigen sich bemerkenswert gleichartige Reaktionen über die drei Kontinente hinweg. Diese Reaktionen fallen asymmetrisch aus. Während eine Niederlage in einem Spiel der Meisterschaften, unabhängig von der Phase (Qualifikation oder Endrunde), am ersten Handelstag nach dem Spiel mit Kursverlusten einhergeht, fallen die Kursverluste umso größer aus, je wichtiger das Spiel ist. Für Siege können insgesamt keine positiven Effekte auf die nationalen Aktienmärkte beobachtet werden. Für die Endrundenspiele der letzten vier Fußballweltmeisterschaften lassen sich ähnliche Ergebnisse beobachten. Unerwartete Ergebnisse bei Kontinentalmeisterschaftsspielen haben einen größeren Einfluss auf Aktienmärkte als erwartete, dies gilt insbesondere für unerwartete Siege.

Suggested Citation

  • Sascha Kolaric & Zvonimir Pusic & Dirk Schiereck, 2015. "Fußball und Anlegerverhalt en im internationalen Vergleich: Evidenz von 12 Kontinentalmeisterschaften," Schmalenbach Journal of Business Research, Springer, vol. 67(3), pages 297-328, September.
  • Handle: RePEc:spr:sjobre:v:67:y:2015:i:3:d:10.1007_bf03372926
    DOI: 10.1007/BF03372926
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    References listed on IDEAS

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    Keywords

    G14;

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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