国际大型运动赛事对主办国股市的影响——奥运会和世界杯足球赛的比较

The Impact of International Sporting Events on the Stock Market of the Host Country_Comparing the Olympic Games and the World Cup

本文旨在探讨奥运会与世界杯足球赛举办日前后对主办国股票市场指数报酬的影响,通过事件研究法,对奥运会与世界杯足球赛在举办日前后股市的变动情形进行分析。结果发现:举办国际大型运动会对原先股市表现较差的国家影响较为明显;夏季奥运会举办国的股市效果优于冬季奥运会和世界杯足球赛举办国的股市,世界杯足球赛举办国的股市优于冬季奥运会举办国的股市;夏季奥运会不论是举办前和举办后,对于举办国的股市结果皆为有利;冬季奥运会举办前对于举办国的股市较为有利,但举办后对于举办国的股市较为不利;世界杯足球赛举办前对于举办国的股市较不利,而举办后的效果对于举办国的股市更差。

This thesis probes into the stock market index of the host country before and after the Olympic Games and the World Cup. Through the event study method, we find that large international games have comparatively obvious impacts on those countries which have poor performance in the stock market; the effect of the Summer Olympics is superior to that of the Winter Olympics and World Cup and so World Cup is superior to the Winter Olympic Games; the Summer Olympics brings benefits to the stock market whether before or after the games; positive and negative effects of the stock market can be found before and after the Winter Olympics respectively; bad influ- ences occur to the stock markets before the Winter Olympics, and ever worse after it.