Local sports sentiment and returns of locally headquartered stocks: A firm-level analysis |
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| Authors: | Shao-Chi Chang Sheng-Syan Chen Robin K Chou Yueh-Hsiang Lin |
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| Institution: | 1. Institute of International Business, College of Management, National Cheng Kung University, Taiwan;2. Department of Finance, College of Management, National Taiwan University, Taiwan;3. Department of Finance, College of Commerce, National Chengchi University Risk and Insurance Research Center, College of Commerce, National Chengchi University;4. Department of Finance, National Taipei College of Business, Taiwan |
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| Abstract: | We undertake a firm-level analysis of the relation between National Football League (NFL) game outcomes and the return patterns of Nasdaq firms headquartered geographically near the NFL teams. We find that a team's loss leads to lower next-day returns for locally headquartered stocks and that this impact increases for a surprising loss or a critical game loss. The negative effects of game losses are stronger for stocks that are more vulnerable to shifts in sports sentiment. Our results suggest that the game outcomes of local sports teams influence investor sentiment, which significantly affects the returns of localized trading stocks. |
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