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@inproceedings{1205510, author = {Svoboda, Martin and Zureck, Alexander and Frére, Eric}, address = {Brno}, booktitle = {European Financial Systems 2014}, edition = {1}, keywords = {change in coach; event study; information efficiency; STOXX Europe Football Index}, howpublished = {tištěná verze "print"}, language = {eng}, location = {Brno}, isbn = {978-80-210-7153-7}, pages = {178-183}, publisher = {Masarykova univerzita}, title = {Rationality and Emotion in European Football: How Share Prices React to a New Coach’s Appointment}, year = {2014} }
TY - JOUR ID - 1205510 AU - Svoboda, Martin - Zureck, Alexander - Frére, Eric PY - 2014 TI - Rationality and Emotion in European Football: How Share Prices React to a New Coach’s Appointment PB - Masarykova univerzita CY - Brno SN - 9788021071537 KW - change in coach KW - event study KW - information efficiency KW - STOXX Europe Football Index N2 - The appointment of a new coach is often a turning point for the development of a football club’s game. But apart from the development of its game, the change affects the club’s economic prospects as well. The coach has a position similar to that of a leading manager in “classic” firms. Other studies have intensively investigated reactions in share prices to results of specific games (see, instead of many, Ashton et al. 2011). The relationship between a change in a club’s coach and the reaction of share prices has rarely been investigated. The aim of this paper is to find out whether there is a statistically significant influence on the share price performance of a listed European football club following a change in its coach. The findings within the paper demonstrate that the appointment of a new coach immediately affects the stock’s performance. The analysis is based on the STOXX Europe Football Index. The index contains 23 European football clubs that are listed on a European stock exchange. The investigation stretches over a period of nine years, from 31.08.2004 to 19.09.2013. The sample contains 46 observations. The event study is on the basis of abnormal returns. The test period covers +/- 3 days around the time of announcement of a new coach. This precludes mistakes arising from other effects, such as results of games. ER -
SVOBODA, Martin, Alexander ZURECK a Eric FRÉRE. Rationality and Emotion in European Football: How Share Prices React to a New Coach’s Appointment. In \textit{European Financial Systems 2014}. 1. vyd. Brno: Masarykova univerzita, 2014, s.~178-183. ISBN~978-80-210-7153-7.
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