Football sentiment and stock market returns: Evidence from a frontier market

被引：8

作者：

Quang-Thai Truong ^{[1
]}

Quynh-Nhu Tran ^{[2
]}

Bakry, Walid ^{[3
]}

Duc Nguyen Nguyen ^{[1
]}

Al-Mohamad, Somar ^{[4
]}

机构：

[1] Dalat Univ, Da Lat, Vietnam

[2] Natl Chiao Tung Univ, Dept Informat Management & Finance, Grad Program Finance, Hsinchu, Taiwan

[3] Western Sydney Univ, Sch Business, Locked Bag 1797, Sydney, NSW 2751, Australia

[4] Amer Univ Middle East, Coll Business Adm, Kuwait, Kuwait

来源：

JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE | 2021年 / 30卷

关键词：

Football sentiment; Investor mood; Behavioral biases; Stock returns; Efficient market hypothesis; INVESTOR PSYCHOLOGY; ATTENTION;

D O I：

10.1016/j.jbef.2021.100472

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the effect of investor sentiment on the Vietnamese stock market. Using the results of international football matches as exogenous shocks on investor sentiment, and information from two major stock exchanges, we document a link between investor sentiment and stock market returns. In particular, we find a decline in market returns on the subsequent trading days after game losses. Moreover, the effect of investor sentiment on stock market returns is more pronounced between 2015 and 2020 during which football fans exhibited a stronger affection and attention to their teams. The results further depict that the impact of investor sentiment on stock market returns is only significant for small-cap stocks, and when more important tournaments are played. (C) 2021 Elsevier B.V. All rights reserved.

引用

页数：9

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