From rink to market: The stock market effects of international ice hockey tournament results
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Journal Title
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Volume Title
School of Business |
Master's thesis
Authors
Date
2024
Department
Major/Subject
Mcode
Degree programme
Finance
Language
en
Pages
60
Series
Abstract
We investigate the impact of major international ice hockey tournament outcomes on stock market returns. We examine whether wins or losses in these tournaments influence next-day stock market returns. Contrary to expectations, the findings reveal no statistically significant effect on stock market indices following game outcomes. However, certain match types, such as qualifiers, and quarterfinals, exhibit statistically significant effects on market returns. The effects disappear when controlling for the clustering of standard errors for dates. The study contributes to the behavioral finance literature by expanding the understanding of sports sentiment's influence on financial markets, highlighting the impact of different match stages. Despite the lack of evidence of a direct win/loss effect, the research underscores the complex interplay between investor sentiment and market behavior in the context of international ice hockey.Description
Thesis advisor
Rantapuska, EliasKeywords
investor sentiment, sports sentiment, market efficiency, ice hockey