Sports Sentiment and Stock Returns
利用国际足球比赛结果作为情绪变量，发现足球失利后股市显著下跌，例如世界杯淘汰赛失利导致次日异常收益下降49个基点，该效应在小盘股和重要比赛中更强，并扩展至板球、橄榄球和篮球比赛。
ABSTRACT This paper investigates the stock market reaction to sudden changes in investor mood. Motivated by psychological evidence of a strong link between soccer outcomes and mood, we use international soccer results as our primary mood variable. We find a significant market decline after soccer losses. For example, a loss in the World Cup elimination stage leads to a next‐day abnormal stock return of −49 basis points. This loss effect is stronger in small stocks and in more important games, and is robust to methodological changes. We also document a loss effect after international cricket, rugby, and basketball games.