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Analysis of the Impact of Club Football Tournaments' Results on the Dynamics of the Sponsoring Companies' Stocks
The paper is devoted to the study of the influence of sports events on the dynamics of the stock market on the example of the football matches’ results of the UEFA Champions League for the period 2006-2016. Using the tools of event study, a sample of 44 sponsoring companies was analyzed. Finally, significant results of abnormal returns were obtained – these indicators were found for both victories and defeats. In addition, a relationship was found between the significance of the match and the reaction of the stock market after the losing. The obtained results do not give reasons to reject theories about the existing influence of football matches on share prices.