Is there an Olympic gold medal rush in the stock market?

Jessica Y. Wang, Raphael N. Markellos (Lead Author)

Research output: Contribution to journalArticlepeer-review

10 Citations (Scopus)
26 Downloads (Pure)


Investor sentiment and attention are often linked to the same non-economic events making it difficult to understand why and how asset prices are affected. We disentangle these two potential drivers of investment behaviour by analysing a new data-set of medals for the major participating countries and sponsor firms over four Summer Olympic Games. Our results show that trading volume and volatility are substantially reduced following Olympic success although returns appear to be largely unaffected. Analysis of data from online search volumes and surveys measuring investor sentiment also suggests that the market impact of the Olympics is linked to changes in attention.
Original languageEnglish
Pages (from-to)1631-1648
Number of pages18
JournalThe European Journal of Finance
Issue number17
Early online date11 Jan 2018
Publication statusPublished - Oct 2018


  • Attention
  • sentiment
  • Olympic games
  • stock market

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