Investor Sentiment and Sectoral Stock Returns: Evidence from World Cup Games

被引：25

作者：

Curatola, Giuliano ^{[1
]}

Donadelli, Michael ^{[1
]}

Kizys, Renatas ^{[2
]}

Riedel, Max ^{[1
]}

机构：

[1] Goethe Univ Frankfurt, Res Ctr SAFE, House Finance, Theodor W Adorno Pl 3, D-60323 Frankfurt, Germany

[2] Portsmouth Business Sch, Richmond Bldg,Portland St, Portsmouth PO1 3DE, Hants, England

来源：

FINANCE RESEARCH LETTERS | 2016年 / 17卷

关键词：

Investor sentiment; soccer results; asset prices; market efficiency; MARKET; IRRATIONALITY; COUNTRY; WEATHER; PRICES;

D O I：

10.1016/j.frl.2016.03.023

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

It is well known that investor sentiment affects aggregate stock returns. We investigate the economic link between sport sentiment and US sectoral stock returns. We find that sport sentiment affects only the financial sector. We argue that this result might be explained by the high liquidity that makes the financial sector more attractive to foreign investors who in turn are more prone to sport sentiment than local investors in the US. Accordingly, an arbitrageur can build a profitable trading strategy by selling short the financial sector during the FIFA World cup periods and buying it back afterwards. (C) 2016 Elsevier Inc. All rights reserved.

引用

页码：267 / 274

页数：8

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