Is there an Olympic gold medal rush in the stock market?
研究奥运金牌对股市交易量和波动性的影响，发现金牌后交易量和波动性显著下降，但回报率基本不变，且影响与投资者注意力变化有关。
Investor sentiment and attention are often linked to the same non-economic events making it difficult to understand why and how asset prices are affected. We disentangle these two potential drivers of investment behaviour by analysing a new data-set of medals for the major participating countries and sponsor firms over four Summer Olympic Games. Our results show that trading volume and volatility are substantially reduced following Olympic success although returns appear to be largely unaffected. Analysis of data from online search volumes and surveys measuring investor sentiment also suggests that the market impact of the Olympics is linked to changes in attention.