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Football and Stock Market : An analysis of the volatility around the sporting results
[Football et Bourse : Analyse de la volatilité autour des annonces de résultats]

Author

Listed:
  • Ramzi Benkraiem
  • Frédéric Leroy

    (CEROM - Centre d'Etudes et de Recherche sur les Organisations et le Management - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School)

  • Waël Louhichi

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

Abstract

This study investigates the relationship between Football and stock market by analyzing the volatility around the sporting result announces. The theoretical background is based on the importance of intangible assets in the football industry and the difficulty in evaluating them. The empirical analysis is based on the family of ARCH models and relates to a sample of football clubs listed on the AIM and included in the Dow-Jones STOXX Football index. The findings show that sporting performances have a significant impact on the stock market valuation of football clubs. The magnitude of the market reaction depends on the nature of the result.

Suggested Citation

  • Ramzi Benkraiem & Frédéric Leroy & Waël Louhichi, 2012. "Football and Stock Market : An analysis of the volatility around the sporting results [Football et Bourse : Analyse de la volatilité autour des annonces de résultats]," Post-Print halshs-00765924, HAL.
    • Handle: RePEc:hal:journl:halshs-00765924
    DOI: 10.3917/resg.091.0083
    as

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