The Euphoria Effect of UEFA Champion League Final on Asian stock market

  •  Rayenda Brahmana    


Football is the most popular sport in the world. It can make personal attachment to the supporters. One of the most wanted football events is UEFA Champion League Final. It can create euphoria in the supporters. The euphoria will affect the stock market behaviour. This research examines whether investor’s performance affected by the football euphoria. This research is important in term of market efficiency, behavioural finance, and portfolio strategy.

This paper examines the UEFA Champion League Final affects on the World index, EAFE index, Pacific index, and 14 Asian stock markets. This paper wants to figure the seasonality of the euphoria during the UEFA Champion League Final.

This study conducts non parametric test such as: Holt Winters, Kruskal-Wallis, and Wilcoxon Signed test. The period of this study is from 1999 up to 2008.The results showed that there are euphoria effects of UEFA Champion League Final on the stock markets. Further, the results also showed that there is seasonality in stock markets caused by the euphoria of UEFA Champion League Final. Future research can employ the same issue in other regions. Another research should be conducted by finding the effect in shorter period or longer period.

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