REVIEW OF FINANCE·VOL.20, ISSUE. 3·MAY 2016

当你的足球队即将输掉比赛时，股票价格也会受到伤害

作者： Michael Ehrmann (Bank of Canada), David-Jan Jansen(De Nederlandsche Bank)

摘要：主要体育赛事的最终结果会通过改变投资者情绪来影响第二天的股票收益。通过对2010年世界杯足球比赛期间的日内数据进行研究，我们测试情绪相关的定价效应是否随着事件的发展而实现。我们使用一个跨国上市公司的数据，这允许我们直接识别股价的低估。在比赛期间，该公司的股票价格在输掉比赛的国家被低估多达7个基准点。随着某国被淘汰的可能性增加，股票价格在该国被低估的概率随之增加。

It Hurts (Stock Prices) When Your Team is about to Lose a Soccer Match

Michael Ehrmann (Bank of Canada), David-Jan Jansen(De Nederlandsche Bank)

ABSTRACT

The end result of major sporting events has been shown to affect next day stock returns through shifts in investor mood. By studying intraday data during the soccer matches that led to the elimination of France and Italy from the 2010 FIFA World Cup, we test whether mood-related pricing effects already materialize as events unfold. We use data for a cross-listed firm, which allows for a straightforward identification of underpricing. During the matches, the firm’s stock is underpriced by up to 7 basis points in the country that eventually loses. The probability of underpricing increases as elimination becomes more likely.

原文链接：

http://rof.oxfordjournals.org/content/20/3/1215.abstract

翻译：陈然