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Article Dans Une Revue Management Decision Année : 2009

Market reaction to sporting results The case of European listed football clubs

Ramzi Benkraiem
Pierre Marques

Résumé

Purpose – This paper aims to study the stock market reaction to sporting results of European listed football clubs. Specifically, it tries to examine the impact of the sporting results on the stock market valuation in terms of abnormal returns and trading volume around the dates of matches. Design/methodology/approach – This paper undertakes an event study around the dates of 745 matches played by European listed football clubs. Findings – The empirical analysis shows that the sporting results of listed football clubs affect both the abnormal returns and the trading volume around the dates of matches. The movement (positive or negative) and the time when the impact occurs (before or after the match) differ according to the nature of the result (defeat, draw or win) and the match venue (home or away). Findings in this study imply that the success of investments in listed football clubs requires a regular follow-up of their sporting performances. Originality/value – This paper is one of the first to take into consideration the nature of sporting results (defeat, draw or win) according to the match venue (home or away) in order to study the market reaction in terms of both abnormal returns and trading volume. Unlike some previous studies, it is not limited to studying a single specific context but considers listed football clubs from all over Europe.

Dates et versions

halshs-00428516 , version 1 (28-10-2009)

Identifiants

Citer

Ramzi Benkraiem, Waël Louhichi, Pierre Marques. Market reaction to sporting results The case of European listed football clubs. Management Decision, 2009, 47 (1), pp.100-109. ⟨10.1108/00251740910929722⟩. ⟨halshs-00428516⟩
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