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      Effects of soccer on stock markets: the return-volatility relationship

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      Author
      Berument, Hakan
      Ceylan, N. B.
      Date
      2012
      Source Title
      The Social Science Journal
      Print ISSN
      0362-3319
      Electronic ISSN
      1873-5355
      Publisher
      Pergamon Press
      Volume
      49
      Issue
      3
      Pages
      368 - 374
      Language
      English
      Type
      Article
      Item Usage Stats
      114
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      161
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      Abstract
      This paper assesses the effects of domestic soccer teams' performances against foreign rivals on stock market returns as well as on the return-volatility relationship. Data from Chile, Spain, Turkey and the United Kingdom support propositions that soccer teams results in international cups affect stock market returns and the return-volatility relationship. Evidence from Spain and the UK, soccer powerhouses, suggests that losses are associated with lower returns and higher risk aversion but evidence from Chile and Turkey, where soccer is the most important sport but teams are not as successful, reveals that wins are associated with higher returns and lower risk aversion. Crown Copyright (C) 2012 Published by Elsevier Inc. on behalf of Western Social Science Association. All rights reserved.
      Keywords
      Conditional heteroskedasticity
      Inflation
      Variance
      Emotions
      Risk
      Permalink
      http://hdl.handle.net/11693/13110
      Published Version (Please cite this version)
      http://dx.doi.org/10.1016/j.soscij.2012.03.003
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