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

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