期刊名称：Ovidius University Annals: Economic Sciences Series
电子版ISSN：2393-3127
出版年度：2016
卷号：16
期号：2
语种：English
出版社：Ovidius University Press
摘要：Expected utility theory and Efficient Market Hypothesis (EMH) seem to be unable to properly explain the returns’ evolution in the stock market. The players does not act as rational as the theories assume and the prices seldom follow the EMH rules. The football clubs stock prices represent a good example for this statement since their stockholders have both rationale and emotional reasons for their investment. On the one side,they act as a regular investor who decide been driven by profit but on the other side they are usually fans of those clubs and have an emotional determinant for holding the stocks. The aim of this paper is analyses the relationship between the football matches outcomes and price returns on a time span that range during ten seasons 2006/2007 – 2015/2016),for Borussia Dortmund (Germany),AFC Ajax (Holland),Lazio (Italy) and a nine seasons time span(2007/2008 – 2015/2016) for SL Benfica (Portugal).
