Rationality and Emotion in European Football: How Share Prices React to a New Coach’s Appointment
Rationality and Emotion in European Football: How Share Prices React to a New Coach’s Appointment

Author(s): Eric Frère, Martin Svoboda, Alexander Zureck
Subject(s): Evaluation research, Financial Markets, Sports Studies
Published by: Masarykova univerzita nakladatelství
Keywords: change in coach; event study; information efficiency; STOXX Europe Football Index;
Summary/Abstract: The appointment of a new coach is often a turning point for the development of a football club’s game. But apart from the development of its game, the change affects the club’s economic prospects as well. The coach has a position similar to that of a leading manager in “classic” firms. Other studies have intensively investigated reactions in share prices to results of specific games (see, instead of many, Ashton et al. 2011).The relationship between a change in a club’s coach and the reaction of share prices has rarely been investigated.

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