Football Sentiment and Stock Market Returns: Evidence From a Frontier Market

Truong, Q,Tran, Q., Bakry,W, Nguyen D, Al-mohamad, S, (2021). Football Sentiment and Stock Market Returns: Evidence From a Frontier Market. Journal of Behavioral and Experimental Finance,30, https://doi.org/10.1016/j.jbef.2021.100472.

27 Pages Posted: 13 Oct 2020 Last revised: 21 Apr 2021

See all articles by Quang-Thai Truong

Quang-Thai Truong

University of Dalat; National Chiao Tung University

Quynh-Nhu Tran

National Chiao Tung University

Walid Bakry

Western Sydney University

Duc Nguyen Nguyen

Dalat University

Somar Al-Mohamad

American University of Middle East. Kuwait

Date Written: June 1, 2020

Abstract

This study examines the effect of investor sentiment on the Vietnamese stock market. Using the results of international football matches as exogenous shocks on investor sentiment and information on two major stock exchanges, we document a link between investor sentiment and stock market returns. In particular, we find a market decline on the subsequent trading days after game losses. Further, the effect of investor sentiment is more potent for small-cap stocks, during the period when the affection and attention of local fans are stronger, and when more important competitions are being played.

Keywords: Football Sentiment, Stock Market Returns

Suggested Citation

Truong, Quang-Thai and Tran, Quynh-Nhu and Bakry, Walid and Nguyen, Duc Nguyen and Al-Mohamad, Somar, Football Sentiment and Stock Market Returns: Evidence From a Frontier Market (June 1, 2020). Truong, Q,Tran, Q., Bakry,W, Nguyen D, Al-mohamad, S, (2021). Football Sentiment and Stock Market Returns: Evidence From a Frontier Market. Journal of Behavioral and Experimental Finance,30, https://doi.org/10.1016/j.jbef.2021.100472., Available at SSRN: https://ssrn.com/abstract=3679399 or http://dx.doi.org/10.2139/ssrn.3679399

Quang-Thai Truong

University of Dalat ( email )

01 Phu Dong Thien Vuong Street
Da Lat, Lam Dong
Vietnam

National Chiao Tung University ( email )

Taiwan

Quynh-Nhu Tran

National Chiao Tung University ( email )

No. 1001, Daxue Rd, East District
Hsinchu, 300
Taiwan

Walid Bakry (Contact Author)

Western Sydney University ( email )

Sydney
1 Parramatta Square, 169 Macquarie Street, Parrama
Sydney, 2751
Australia
2 9685 9372 (Phone)

Duc Nguyen Nguyen

Dalat University ( email )

01 Phu Dong Thien Vuong Street
Da Lat, Lam Dong
Vietnam

Somar Al-Mohamad

American University of Middle East. Kuwait ( email )

Block 6, Building 1
Egaila
Kuwait
2225 1400 (Phone)

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