The Impact on National Stock Markets of Announcing the Election Results for the Host of Blockbuster Sporting Events
DOI:
https://doi.org/10.15678/ZNUEK.2015.0937.0110Keywords:
blockbuster sporting event, Euro 2012, stock market, stock indexAbstract
The paper analyses fourteen large-format sporting events organised in eighteen countries in terms of the impact of results of elections held to determine the host on the stock markets in these countries. It also strives to determine whether the degree of economic development of a country can affect the scale of the impact of information about choosing a host on the national stock markets. To realise this aim, the most recognisable stock index in each host country was chosen and, relying on the method of cumulative abnormal rate of return (CAR) there, the deviation from the expected rate of return, which was previously estimated for the proposed timeframes, was assessed. Finally, the statistical significance of the results was confirmed by t-Student test.Downloads
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