nep-spo New Economics Papers
on Sports and Economics
Issue of 2012‒11‒24
one paper chosen by
Joao Carlos Correia Leitao
University of Beira Interior and Technical University of Lisbon

  1. Corruption and Co-Movements in European Listed Sport Companies: Did Calciocaos really matter? By Leitao, Joao; Armada, Manuel Rocha; Ferreira, Joaaquim

  1. By: Leitao, Joao; Armada, Manuel Rocha; Ferreira, Joaaquim
    Abstract: This paper analyses whether the Calciocaos, which involved some Italian listed sport companies, impacted on the performance of the Dow Jones Stoxx Football index and if this was spread through shock propagation. The Calciocaos impact is assessed by using a cointegrated vector autoregression model. The results provide evidence of the occurrence of spreading mechanisms of the effects originated by the corruption episode. After this episode Juventus’ stock and Sporting’s stock have particular importance in determining the performance of the Dow Jones Stoxx Football index. The investors/supporters of la Vecchia Signora revealed sentimental behaviour, and did not sell their participations.
    Keywords: Cointegration; Contagion; Corruption; Stocks performance
    JEL: C53 G15 L83
    Date: 2012–11–06

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