Local sports sentiment and returns of locally headquartered stocks: A firm-level analysis

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• 作者：Shao-Chi Chang^a ; Sheng-Syan Chen^b ; Robin K. Chou^c ; ^{rchou@cc.ncu.edu.tw} ; Yueh-Hsiang Lin^d
• 关键词：G12 ; G14
• 刊名：Journal of Empirical Finance
• 出版年：2012
• 期刊代码：40_09275398
• 类别：eco
• 出版时间：June, 2012
• 卷：19
• 期：3
• 页码：309-318
• 文件大小：203 K

摘要

We undertake a firm-level analysis of the relation between National Football League (NFL) game outcomes and the return patterns of Nasdaq firms headquartered geographically near the NFL teams. We find that a team's loss leads to lower next-day returns for locally headquartered stocks and that this impact increases for a surprising loss or a critical game loss. The negative effects of game losses are stronger for stocks that are more vulnerable to shifts in sports sentiment. Our results suggest that the game outcomes of local sports teams influence investor sentiment, which significantly affects the returns of localized trading stocks.