Determinants of European football clubs’ stock returns
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10773/31198 |
Resumo: | This dissertation investigates the determinants of six European football clubs’ stock returns. An ARCH regression model was run to test several sporting variables, while simultaneously a panel-data analysis was conducted to study financial variables’ impact. The results suggest a positive (negative) and significant influence of victories (draws/defeats) on the clubs’ stock returns. We found an asymmetrical reaction of the stock market following losses and wins, with a greater magnitude being registered after the former. Additionally, more important matches tend to lead to greater impacts on stocks. Stock returns seem to react positively to improved profitability indicators, such as operating revenues, EBITDA, and net income growth. On the other side, an increment in the clubs’ total assets value leads to a decrease in stock returns. |
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Determinants of European football clubs’ stock returnsStock returnsPublic listed football clubsSporting performanceFinancial performanceThis dissertation investigates the determinants of six European football clubs’ stock returns. An ARCH regression model was run to test several sporting variables, while simultaneously a panel-data analysis was conducted to study financial variables’ impact. The results suggest a positive (negative) and significant influence of victories (draws/defeats) on the clubs’ stock returns. We found an asymmetrical reaction of the stock market following losses and wins, with a greater magnitude being registered after the former. Additionally, more important matches tend to lead to greater impacts on stocks. Stock returns seem to react positively to improved profitability indicators, such as operating revenues, EBITDA, and net income growth. On the other side, an increment in the clubs’ total assets value leads to a decrease in stock returns.Esta dissertação investiga os determinantes do retorno das ações de seis clubes de futebol europeus. Um modelo de regressão ARCH foi simulado para testar diversas variáveis desportivas. Simultaneamente, uma análise em painel de dados foi conduzida para estudar o impacto das variáveis financeiras. Os resultados sugerem um impacto significativamente positivo (negativo) das vitórias (empates/derrotas) no retorno das ações dos clubes. A sua magnitude é superior após uma derrota, o que denota a existência de uma reação assimétrica do mercado aos diferentes resultados dos jogos. Adicionalmente, existe evidência de um impacto superior nas ações em resposta a jogos de maior importância. O retorno das ações parece reagir positivamente a indicadores de rentabilidade favoráveis, como por exemplo o crescimento das receitas operacionais, do EBITDA e do resultado líquido. Por outro lado, o aumento do valor do ativo total provoca um decréscimo no retorno das ações.2023-02-18T00:00:00Z2021-02-08T00:00:00Z2021-02-08info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10773/31198engFerreira, João Pedro da Silvainfo:eu-repo/semantics/embargoedAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-02-22T12:00:13Zoai:ria.ua.pt:10773/31198Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:03:07.970760Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Determinants of European football clubs’ stock returns |
title |
Determinants of European football clubs’ stock returns |
spellingShingle |
Determinants of European football clubs’ stock returns Ferreira, João Pedro da Silva Stock returns Public listed football clubs Sporting performance Financial performance |
title_short |
Determinants of European football clubs’ stock returns |
title_full |
Determinants of European football clubs’ stock returns |
title_fullStr |
Determinants of European football clubs’ stock returns |
title_full_unstemmed |
Determinants of European football clubs’ stock returns |
title_sort |
Determinants of European football clubs’ stock returns |
author |
Ferreira, João Pedro da Silva |
author_facet |
Ferreira, João Pedro da Silva |
author_role |
author |
dc.contributor.author.fl_str_mv |
Ferreira, João Pedro da Silva |
dc.subject.por.fl_str_mv |
Stock returns Public listed football clubs Sporting performance Financial performance |
topic |
Stock returns Public listed football clubs Sporting performance Financial performance |
description |
This dissertation investigates the determinants of six European football clubs’ stock returns. An ARCH regression model was run to test several sporting variables, while simultaneously a panel-data analysis was conducted to study financial variables’ impact. The results suggest a positive (negative) and significant influence of victories (draws/defeats) on the clubs’ stock returns. We found an asymmetrical reaction of the stock market following losses and wins, with a greater magnitude being registered after the former. Additionally, more important matches tend to lead to greater impacts on stocks. Stock returns seem to react positively to improved profitability indicators, such as operating revenues, EBITDA, and net income growth. On the other side, an increment in the clubs’ total assets value leads to a decrease in stock returns. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-02-08T00:00:00Z 2021-02-08 2023-02-18T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10773/31198 |
url |
http://hdl.handle.net/10773/31198 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/embargoedAccess |
eu_rights_str_mv |
embargoedAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799137686439591936 |