Football and Stock Returns: New Evidence

We consider data information from four football clubs, Porto and Benfica (Portugal), Juventus (Italy) and Ajax (the Netherlands), to test the link between their European performance (wins/draws/losses) and their stock returns. We report (a) positive effects of draws on Benfica's and Ajax's stock returns, and (b) a negative effect of draws and losses on Juventus's stock returns. No effects reported for Porto club. These findings are recommended to financial managers and investors dealing with football stock prices.