| Abstract [eng] |
The objective of this study is to find the determinants affecting stock prices of European listed football clubs and investigate the stock market reaction to football match outcomes. The results reveal that the most common factors affecting stock prices are stock market indexes (positive effect) and the debt of the football clubs (negative effect). Also, results suggest that additional win and draw has a positive, while loss has a negative influence on the abnormal returns. In general, the existence of the abnormal returns indicates a market inefficiency and investors’ irrationality. Overall, stock trading is rather based on emotions, fanatism and willingness to be the part of the football club than fundamental factors. Nevertheless, the importance of the debt and stock market indexes on stock prices do not allow to reject the rational investors’ behavior. |
