Влияние спортивных результатов футбольных клубов на стоимость их акций

This paper analyzes the impact of football clubs’ games results on their stock returns. The attempt to understand what kind of investors trade football clubs’ stocks is also made. Event study methodology is applied using the dataset consisted of 1032 national championship games played by nine listed football clubs competing in seven European championships from 2012 to 2016 seasons. Football clubs are listed on different stock exchanges which allows to understand country-specific effects of games results. Firstly, it was found that on the aggregate level stock market treats information from games as important and reacts to wins and losses while the reaction is asymmetric in terms of return and reaction period. Secondly, stock market reaction to games results varies depending on the country where stocks are traded. Thirdly, stock market reaction is different for different clubs in the same country. Finally, although football clubs stock investors seem to act rationally we cannot reject the presence of investor-fans considering some top-clubs.