|
The Economic Impact of Olympic Games : Evidence from Stock Markets
Dick, Christian D.
;
Wang, Qingwei
|
URL:
|
http://ub-madoc.bib.uni-mannheim.de/2092
|
|
URN:
|
urn:nbn:de:bsz:180-madoc-20925
|
|
Dokumenttyp:
|
Arbeitspapier
|
|
Erscheinungsjahr:
|
2008
|
|
Titel einer Zeitschrift oder einer Reihe:
|
None
|
|
Sprache der Veröffentlichung:
|
Englisch
|
|
Einrichtung:
|
Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
|
|
MADOC-Schriftenreihe:
|
Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
|
|
Fachgebiet:
|
330 Wirtschaft
|
|
Fachklassifikation:
|
JEL:
G14 L83 ,
|
|
Normierte Schlagwörter (SWD):
|
Olympische Spiele , Wirtschaft , Einfluss , Börsenhandel
|
|
Freie Schlagwörter (Englisch):
|
Olympic Games , economic impact , event study , stock markets
|
|
Abstract:
|
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.
|
 | Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt. |
 Suche Autoren in
Sie haben einen Fehler gefunden? Teilen Sie uns Ihren Korrekturwunsch bitte hier mit: E-Mail
Actions (login required)
 |
Eintrag anzeigen |
|
|
![[img]](https://madoc.bib.uni-mannheim.de/style/images/fileicons/application_pdf.png)