Predictable Sports Sentiment and Local Trading
研究发现NBA季后赛可预测的比赛结果会增加参赛球队所在地区企业的股票交易量，且对可预测性高、关键比赛和投资者情绪敏感的企业影响更大。
We examine whether predictable outcomes of the National Basketball Association playoff games can generate increased trading of firms headquartered in the geographic area of the participating teams. We find statistically significant increased trading before games and this effect is more pronounced and persistent for games with more predictable outcomes, for predictable losses more than wins, and for more critical games. We also find that this effect is more pronounced for firms that are more vulnerable to shifts in investor sentiment and we find weak evidence that trading leads to price effects. The results are consistent with the hypothesis that predictable sentiment can drive investor behavior.