Berument, M. Hakan; Ceylan, Nildag Basak; Onar, Bahar - In: Emerging Markets Finance and Trade 49 (2013) 2, pp. 19-30
We hypothesize that results of football (soccer) teams affect the risk perception of people. People choose riskier investments after a win and less risky investments after a loss; this leads to higher (lower) returns in the stock market. These hypotheses are tested for the international matches...