Is there an Olympic gold medal rush in the stock market?

Wang, Jessica Y. and Markellos, Raphael N. (2018) Is there an Olympic gold medal rush in the stock market? The European Journal of Finance, 24 (17). pp. 1631-1648. ISSN 1351-847X

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Investor sentiment and attention are often linked to the same non-economic events making it difficult to understand why and how asset prices are affected. We disentangle these two potential drivers of investment behaviour by analysing a new data-set of medals for the major participating countries and sponsor firms over four Summer Olympic Games. Our results show that trading volume and volatility are substantially reduced following Olympic success although returns appear to be largely unaffected. Analysis of data from online search volumes and surveys measuring investor sentiment also suggests that the market impact of the Olympics is linked to changes in attention.

Item Type: Article
Uncontrolled Keywords: attention,sentiment,olympic games,stock market
Faculty \ School: Faculty of Social Sciences > Norwich Business School
UEA Research Groups: Faculty of Social Sciences > Research Groups > Finance Group
Faculty of Social Sciences > Research Centres > Centre for Competition Policy
Depositing User: Pure Connector
Date Deposited: 19 Dec 2017 06:07
Last Modified: 20 Apr 2023 00:45
DOI: 10.1080/1351847X.2017.1421245


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