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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 and Eric FRÉRE. Rationality and Emotion in European Football: How Share Prices React to a New Coach’s Appointment. In \textit{European Financial Systems 2014}. 1st ed. Brno: Masarykova univerzita, 2014, p.~178-183. ISBN~978-80-210-7153-7.
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