MOB PSYCHOLOGY IMPLIED IN PAKISTAN STOCK MARKET VIA SPORTING EVENTS

초록

This study investigates the impact of international cricket matches on the stock market via sudden changes in social mood associated with the sporting event. This study also considers three important macroeconomic variables to explain changes in the stock market prices. The evidence shows that cricket matches have a short-term adverse effect on the Pakistani stock market. The significant impact of the matches played in financial cities implies that the moods of local investors are induced by sporting events that affect the stock market. The negative effects of game losses are stronger than the game wins, which confirms the existence of asymmetrical biases. The matches against India particularly generates a downward movement in the market returns. Furthermore, there is no evidence of match-fixing and stock market returns. (C) 2019 INT TRANS J ENG MANAG SCI TECH.

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