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Izvorni znanstveni članak
https://doi.org/10.2478/zireb-2019-0010

Effects of Football Match Results of Croatian National Team on Stock Returns: Evidence from Zagreb Stock Exchange

Tihana Škrinjarić ; Faculty of Economics and Business, University of Zagreb, Zagreb, Croatia
Patrik Barišić ; Faculty of Economics and Business, University of Zagreb, Zagreb, Croatia

Puni tekst: engleski, pdf (727 KB) str. 13-45 preuzimanja: 264* citiraj
APA 6th Edition
Škrinjarić, T. i Barišić, P. (2019). Effects of Football Match Results of Croatian National Team on Stock Returns: Evidence from Zagreb Stock Exchange. Zagreb International Review of Economics & Business, 22 (1), 13-45. https://doi.org/10.2478/zireb-2019-0010
MLA 8th Edition
Škrinjarić, Tihana i Patrik Barišić. "Effects of Football Match Results of Croatian National Team on Stock Returns: Evidence from Zagreb Stock Exchange." Zagreb International Review of Economics & Business, vol. 22, br. 1, 2019, str. 13-45. https://doi.org/10.2478/zireb-2019-0010. Citirano 07.04.2020.
Chicago 17th Edition
Škrinjarić, Tihana i Patrik Barišić. "Effects of Football Match Results of Croatian National Team on Stock Returns: Evidence from Zagreb Stock Exchange." Zagreb International Review of Economics & Business 22, br. 1 (2019): 13-45. https://doi.org/10.2478/zireb-2019-0010
Harvard
Škrinjarić, T., i Barišić, P. (2019). 'Effects of Football Match Results of Croatian National Team on Stock Returns: Evidence from Zagreb Stock Exchange', Zagreb International Review of Economics & Business, 22(1), str. 13-45. https://doi.org/10.2478/zireb-2019-0010
Vancouver
Škrinjarić T, Barišić P. Effects of Football Match Results of Croatian National Team on Stock Returns: Evidence from Zagreb Stock Exchange. Zagreb International Review of Economics & Business [Internet]. 2019 [pristupljeno 07.04.2020.];22(1):13-45. https://doi.org/10.2478/zireb-2019-0010
IEEE
T. Škrinjarić i P. Barišić, "Effects of Football Match Results of Croatian National Team on Stock Returns: Evidence from Zagreb Stock Exchange", Zagreb International Review of Economics & Business, vol.22, br. 1, str. 13-45, 2019. [Online]. https://doi.org/10.2478/zireb-2019-0010

Sažetak
This paper observes short term effects of football match results by focusing on the Croatian national team and stock returns on the Zagreb Stock Exchange. Existing literature identifies psychological factors affecting investor’s sentiment around sporting events on different
stock markets. There does not exist any study focusing on the Croatian stock market. Thus, this paper extensively observes such effects for the first time in the literature. Event study methodology, a usual approach of investigating such effects, is used on a sample of 60 stocks on the Zagreb Stock Exchange for the period from 2014 until the end of 2018. The results indicate no significant effects of winning or losing a football match, even when controlling for game being friendly, competitive tournament or qualification one; as well as after controlling for investor’s expectations based upon betting odds. This means that no profitable trading strategies could be obtained around the football match day on the Zagreb Stock Exchange in the observed period for the stocks investigated in this paper.

Ključne riječi
investor sentiment; football results; event study; stock reactions; investor’s expectations; betting odds

Hrčak ID: 220479

URI
https://hrcak.srce.hr/220479

Posjeta: 444 *