How Much Is A Goal in the Football Championship Worth? Match Results and Stock Price Reaction

n this paper, we show the relationship between the outcome of football events and stock returns, based on the thesis that sport results affect investor sentiment. We analyzed stock price performance indicators and football results by taking 25 publicly listed soccer companies into account. The most extensive database ever used (11,977 matches) was considered. It includes football results in the National Championship, National Cup, and Continental Cups in the period between the 2003–2004 and the 2014–2015 seasons. The analysis revealed the economic and significant statistical effects on stock prices irrespective of the results of the matches. This conclusion is valid for all analyzed countries and competition types. We also showed that stock market reactions are larger in some local markets than in others. More-over, we examined the relationship between the number of goals scored and league stages effects, finding meaningful evidence of behavioral finance on investment decision-making processes.