FINANCIAL MANAGEMENT · Volume 46, Issue 2· 2017

可预测的体育赛事情绪和本地交易

作者：Aigbe Akhigbe (University of Akron), Melinda Newman (University of Akron), Ann Marie Whyte (University of Central Florida)

摘要：我们检验了NBA季后赛的可预测性结果是否会增加总部在参赛球队所在地的公司的股票交易量。我们发现比赛前成交量显著增加，而且该效应在那些可预测性更大的比赛、更可能输的球队以及更重要的比赛中表现得更加显著和持久。我们还发现该效应对那些更容易受投资者情绪变化而遭受损失的公司更显著，没有发现交易量的价格效应。这个结果与可预测性情绪会驱动投资者行为的假设一致。

Predictable Sports Sentiment and Local Trading

Aigbe Akhigbe (University of Akron), Melinda Newman (University of Akron), Ann Marie Whyte (University of Central Florida)

ABSTRACT

We examine whether predictable outcomes of the National Basketball Association playoff games can generate increased trading of firms headquartered in the geographic area of the participating teams. We find statistically significant increased trading before games and this effect is more pronounced and persistent for games with more predictable outcomes, for predictable losses more than wins, and for more critical games. We also find that this effect is more pronounced for firms that are more vulnerable to shifts in investor sentiment and we find weak evidence that trading leads to price effects. The results are consistent with the hypothesis that predictable sentiment can drive investor behavior.

原文链接：

http://onlinelibrary.wiley.com/doi/10.1111/fima.12124/full

翻译：吴雨玲