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Article Dans Une Revue International Journal of Sport Finance Année : 2011

Sporting performances and the volatility of listed football clubs

Ramzi Benkraiem
Frédéric Le Roy
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Résumé

This study investigates the effect of sporting performances on the volatility of listed football clubs. 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 volatility of listed football clubs. The magnitude of the market reaction depends on the result nature (defeat, draw or win) and the match venue (home or away). This study fills a gap in the empirical literature by providing a level of analysis unmatched by previous research. Thus, it should be of interest to academics as well as investors in better understanding and evaluating the volatility movements of listed football clubs.
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Dates et versions

halshs-00657360 , version 1 (06-01-2012)

Identifiants

  • HAL Id : halshs-00657360 , version 1

Citer

Ramzi Benkraiem, Frédéric Le Roy, Waël Louhichi. Sporting performances and the volatility of listed football clubs. International Journal of Sport Finance, 2011, 6 (4), pp.283-297. ⟨halshs-00657360⟩
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