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Advisor(s)
Abstract(s)
O objetivo desta dissertação é analisar o impacto dos resultados desportivos dos
clubes de futebol nos preços das respetivas ações cotadas em bolsa. Foram analisados 3630
jogos de 4 clubes portugueses (S.L. Benfica SAD, Sporting C.P. SAD, F.C. Porto SAD e S.C.
Braga SAD) e 3 clubes italianos (Juventus F.C., A.S. Roma e S.S. Lazio) com um período de
análise compreendido entre 2007 e 2019.
Utilizando a metodologia de estudo de eventos concluiu-se que as vitórias têm um
impacto positivo nas cotações das ações dos clubes embora, considerando apenas os clubes
portugueses esse impacto não seja significativo. Os empates e as derrotas geram um impacto
negativo nas cotações das ações. Inesperadamente, as vitórias nas competições nacionais
originam um impacto maior nas cotações das ações dos clubes do que as vitórias nas
competições europeias. Já as derrotas europeias não são estatisticamente diferentes das
nacionais, apesar de possuírem rendibilidades anormais superiores em valor absoluto.
Vitórias e derrotas inesperadas geram um impacto superior nas cotações das ações dos
clubes do que vitórias e derrotas antecipadas. Por fim, vitórias e derrotas das equipas
italianas têm maior impacto nas ações dos clubes que as vitórias e derrotas das equipas
portuguesas.
The purpose of this dissertation is to analyze the impact of the sports results of football clubs on the prices of their respective shares listed on the stock exchange. 3630 matches from 4 Portuguese clubs (S.L. Benfica SAD, Sporting C.P. SAD, F.C. Porto SAD and S.C. Braga SAD) and 3 Italian clubs (Juventus F.C., A.S. Roma and S.S. Lazio) were analyzed with a period of analysis between 2007 and 2019. Using the event study methodology, we concluded that victories have a positive impact on club share prices, although when we only consider the Portuguese clubs this impact is not significant. Draws and defeats have a negative impact on club share prices. Unexpectedly, victories in national competitions have a greater impact on club stock prices than victories in European competitions. European defeats, on the other hand, are not statistically different from national defeats, despite having higher abnormal returns in absolute value. Unexpected victories and defeats have a greater impact on club share prices than expected victories and defeats. Finally, the Italian teams' victories and defeats have a greater impact on the club's shares than the Portuguese teams' victories and defeats.
The purpose of this dissertation is to analyze the impact of the sports results of football clubs on the prices of their respective shares listed on the stock exchange. 3630 matches from 4 Portuguese clubs (S.L. Benfica SAD, Sporting C.P. SAD, F.C. Porto SAD and S.C. Braga SAD) and 3 Italian clubs (Juventus F.C., A.S. Roma and S.S. Lazio) were analyzed with a period of analysis between 2007 and 2019. Using the event study methodology, we concluded that victories have a positive impact on club share prices, although when we only consider the Portuguese clubs this impact is not significant. Draws and defeats have a negative impact on club share prices. Unexpectedly, victories in national competitions have a greater impact on club stock prices than victories in European competitions. European defeats, on the other hand, are not statistically different from national defeats, despite having higher abnormal returns in absolute value. Unexpected victories and defeats have a greater impact on club share prices than expected victories and defeats. Finally, the Italian teams' victories and defeats have a greater impact on the club's shares than the Portuguese teams' victories and defeats.
Description
Keywords
Ações Anor Mais Betting Cotações das de Desportivos Estudo Eventos Futebol Odds Rendibilidades Resultados