Sports Sentiment and Stock Returns

@article{Edmans2007SportsSA,
  title={Sports Sentiment and Stock Returns},
  author={Alex Edmans and D. Garc{\'i}a and Oyvind Norli},
  journal={Journal of Finance},
  year={2007},
  volume={62},
  pages={1967-1998}
}
This paper investigates the stock market reaction to sudden changes in investor mood. Motivated by psychological evidence of a strong link between soccer outcomes and mood, we use international soccer results as our primary mood variable. We find a significant market decline after soccer losses. For example, a loss in the World Cup elimination stage leads to a next-day abnormal stock return of −49 basis points. This loss effect is stronger in small stocks and in more important games, and is… Expand
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