Document Type
Working Paper
Date of This Version
7-1-2018
Keywords
Event study, impact analysis, Olympics, stock market
JEL Classification
G14, L83, O18, R53, Z20
Abstract
Roughly seven years before an Olympic Games, the International Olympic Committee (IOC) accepts bids from countries to host an Olympics. Subsequently, the IOC determines and announces to the world who has won (and lost) the right to host. Contrary to prior evidence, we find the announcements do not affect the bidding countries’ stock markets. We complement prior studies by including additional, more recent, years of announcements, by investigating whether there are effects prior to the announcement, and by testing for an effect both parametrically and non-parametrically.
Working Paper Number
1807
Recommended Citation
Engelhardt, Bryan; Matheson, Victor; Yen, Alex; and Chisholm, Max, "The Economic Impact of Olympic Games: Effects of Host Country Announcements on Stock Market Returns" (2018). Economics Department Working Papers. Paper 178.
https://crossworks.holycross.edu/econ_working_papers/178
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