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The Economic Impact of Olympic Games: Effects of Host Country Announcements on Stock Market Returns

Author

Listed:
  • Bryan Engelhardt

    (Department of Economics, University of Wisconsin-Oshkosh)

  • Victor Matheson

    (Department of Economics and Accounting, College of the Holy Cross)

  • Alex Yen

    (Department of Accounting, Stonehill College)

  • Max Chisholm

    (UBS)

Abstract

Roughly seven years before an Olympic Games, the International Olympic Committee (IOC) accepts bids from countries to host an Olympics. Subsequently, the IOC determines and announces to the world who has won (and lost) the right to host. Contrary to prior evidence, we find the announcements do not affect the bidding countries� stock markets. We complement prior studies by including additional, more recent, years of announcements, by investigating whether there are effects prior to the announcement, and by testing for an effect both parametrically and non-parametrically.

Suggested Citation

  • Bryan Engelhardt & Victor Matheson & Alex Yen & Max Chisholm, 2018. "The Economic Impact of Olympic Games: Effects of Host Country Announcements on Stock Market Returns," Working Papers 1807, College of the Holy Cross, Department of Economics.
    • Handle: RePEc:hcx:wpaper:1807
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    File URL: https://hcapps.holycross.edu/hcs/RePEc/hcx/HC1807-Engelhardt-Matheson-Yen_OlympicsStockMarket.pdf
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    Cited by:

    1. Harjito, Dwipraptono Agus & Alam, Md. Mahmudul & Dewi, Rani Ayu Kusuma, 2021. "Impacts of International Sports Events on the Stock Market: Evidence from the Announcement of the 18th Asian Games and 30th Southeast Asian Games," OSF Preprints 4dgne, Center for Open Science.

    More about this item

    Keywords

    Event study; impact analysis; Olympics; stock market;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • R53 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock
    • Z20 - Other Special Topics - - Sports Economics - - - General

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