Motivated by the literature of behavioral finance, that links the mood of the people as a factor that influences their decisions and soccer as an important factor that influences the mood. In this study are analyzed the influences of soccer in Latin-American markets. Utilizing the event study methodology, the sports results of the selections of the main Latin-American markets are analyzed (Argentina, Brazil, Chile, Colombia, Mexico and Peru), and they are contrasted with the movements of the main stock indices of each country analyzed. It is concluded that not all the soccer matches impact the market. Upon analyzing the games classified as important, a negative and significant effect of 0.67% is seen in the markets the day after a loss. On the other hand, for victories a positive but not significant effect is observed. Also an asymmetric effect is observed, the impact of a loss is four times the size of the impact of a victory.
González, M., & Juárez, M. (2009). Impact of soccer on the returns of stock indices in Latin American markets. Estudios De Administración, 16(2), 65–97. https://doi.org/10.5354/0719-0816.2009.56407
