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The Economic Impact of Olympic Games : Evidence from Stock Markets
Dick, Christian D.
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Wang, Qingwei
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URL:
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http://ub-madoc.bib.uni-mannheim.de/2092
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URN:
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urn:nbn:de:bsz:180-madoc-20925
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Dokumenttyp:
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Arbeitspapier
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Erscheinungsjahr:
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2008
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Titel einer Zeitschrift oder einer Reihe:
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None
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Sprache der Veröffentlichung:
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Englisch
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Einrichtung:
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Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
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MADOC-Schriftenreihe:
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Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
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Fachgebiet:
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330 Wirtschaft
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Fachklassifikation:
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JEL:
G14 L83 ,
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Normierte Schlagwörter (SWD):
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Olympische Spiele , Wirtschaft , Einfluss , Börsenhandel
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Freie Schlagwörter (Englisch):
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Olympic Games , economic impact , event study , stock markets
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Abstract:
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By means of an event study of stock market reactions to the announcement of the Olympic Games host cities, we find a significant and positive announcement effect of hosting the Summer Games, with a cumulative abnormal return of about 2% within a few days. We do not find any significant results for the Winter Games. Neither do we detect a significant impact when bidders lose the competition. Our results differ from those of a similar study by Mirman and Sharma (2008), who find that the Winter Games are subject to a significantly negative announcement impact, while the Summer Games are not. Our results, however, rely on a larger sample of 15 Olympic events and are obtained by assessing the abnormal returns after the announcement against a “business–as–usual" situation (instead of testing the difference between winner group and loser group). Our findings are in line with economic intuition, since the Summer Games represent a larger event and are thus more likely to have a significant impact. We also find that among the winners, small economies tend to have greater cumulative abnormal returns than their large peers.
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Zusätzliche Informationen:
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 | Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt. |
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