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Is there an Olympic gold medal rush in the stock market?

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  • Jessica Y. Wang
  • Raphael N. Markellos

Abstract

Investor sentiment and attention are often linked to the same non-economic events making it difficult to understand why and how asset prices are affected. We disentangle these two potential drivers of investment behaviour by analysing a new data-set of medals for the major participating countries and sponsor firms over four Summer Olympic Games. Our results show that trading volume and volatility are substantially reduced following Olympic success although returns appear to be largely unaffected. Analysis of data from online search volumes and surveys measuring investor sentiment also suggests that the market impact of the Olympics is linked to changes in attention.

Suggested Citation

  • Jessica Y. Wang & Raphael N. Markellos, 2018. "Is there an Olympic gold medal rush in the stock market?," The European Journal of Finance, Taylor & Francis Journals, vol. 24(17), pages 1631-1648, November.
    • Handle: RePEc:taf:eurjfi:v:24:y:2018:i:17:p:1631-1648
    DOI: 10.1080/1351847X.2017.1421245
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    Cited by:

    1. Fjesme, Sturla Lyngnes & Lv, Jin Roc & Shekhar, Chander, 2023. "The world cup in football and the US IPO market," Journal of Corporate Finance, Elsevier, vol. 80(C).
    2. Wang, Jianxin, 2022. "Market distraction and near-zero daily volatility persistence," International Review of Financial Analysis, Elsevier, vol. 80(C).
    3. Drummond, Philip A., 2023. "Market quality surrounding anticipated distraction events: Evidence from the FIFA World Cup," Journal of Financial Markets, Elsevier, vol. 63(C).
    4. Erik J. Mayer, 2021. "Advertising, investor attention, and stock prices: Evidence from a natural experiment," Financial Management, Financial Management Association International, vol. 50(1), pages 281-314, March.

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