Stock market reaction to Olympic Games announcement

摘要

This article analyses stock market reactions in countries competing to hold the Olympic Games around the time of the winning bid announcements, using both regular and abnormal returns. We analyse the announcement effects of winning and losing for both Summer and Winter games, beginning with 1996 games announced in 1990, up until the announcement of the 2012 games in 2006. We find significantly negative stock market reaction for winners of the bid to host Winter Games and insignificant positive reaction for winners of the Summer Games.