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Investor attention during soccer World Cups

Investor attention during soccer World Cups 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/approachThe 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.FindingsConsistent 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/valueThis study contributes to the literature on investor behavior, linking investor attention with salient sports events. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Journal of Business Emerald Publishing

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References (53)

Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
1935-5181
DOI
10.1108/ajb-09-2022-0141
Publisher site
See Article on Publisher Site

Abstract

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/approachThe 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.FindingsConsistent 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/valueThis study contributes to the literature on investor behavior, linking investor attention with salient sports events.

Journal

American Journal of BusinessEmerald Publishing

Published: Mar 5, 2024

Keywords: Investor attention; Bias; Exchange traded funds; Media; FIFA world cup; Major sports events; Event study methodology

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