Investor attention during soccer World Cups

IF 1.1 Q4 BUSINESS
Manuel Lobato, Mario Jordi Maura, Javier Rodriguez, Herminio Romero-Perez
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引用次数: 0

Abstract

Purpose This study aims to examine investor attention by exploring the trading behavior of investors in US-based exchange traded funds (ETFs) of countries active in the Federation Internationale de Football Association (FIFA) World Cups. Design/methodology/approach The present study employs event study methodology to measure abnormal returns and excess trading volume of country-specific ETFs during six FIFA World Cups. The sample of ETFs includes 19 participating countries. Findings Consistent with investor behavior that might be explained by attention effect, the study finds that country-specific ETFs from participating countries do indeed behave differently during FIFA World Cups events. The authors find significant evidence of abnormal trading volume and, albeit weaker, abnormal returns during cups. Originality/value This study contributes to the literature on investor behavior, linking investor attention with salient sports events.
世界杯期间投资者的关注
本研究旨在通过探讨国际足联世界杯参赛国的美国交易所交易基金(etf)投资者的交易行为,来检验投资者的注意力。设计/方法/方法本研究采用事件研究方法来衡量六届世界杯期间特定国家etf的异常收益和超额交易量。etf样本包括19个参与国。研究发现,与可能用注意力效应解释的投资者行为相一致的是,该研究发现,来自参与国的特定国家etf在世界杯期间的表现确实有所不同。作者发现了大量证据,证明在杯子期间存在异常交易量和异常回报(尽管较弱)。独创性/价值本研究对投资者行为的文献有所贡献,将投资者的注意力与重大体育赛事联系起来。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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