Soccer sentiment and investment opportunities in the Korean stock market

Research output: Contribution to journalArticlepeer-review

2 Citations (Scopus)


We have found a significant sentiment effect from national soccer match outcomes on the Korean stock market, consistent with studies on other countries. Further investigation reveals, however, that such sentiment effect is extremely short-lived and the magnitude of ensuing expected returns based on the sentiment effect is about the same as the transaction costs. Therefore, we conclude that although a significant soccer-sentiment effect from losses exists, it seems almost impossible to devise reliable arbitrage opportunities from it due to its short duration and the small magnitude of expected returns.

Original languageEnglish
Pages (from-to)213-226
Number of pages14
JournalAsia-Pacific Journal of Accounting and Economics
Issue number2
Publication statusPublished - 2015 Apr 3

Bibliographical note

Funding Information:
We thank Kyongwook Choi, Chirok Han, and an anonymous referee for valuable comments and discussion. We are also grateful to Raymond Park for research assistance. Cheolbeom Park acknowledges that this work was supported by a Korea University Grant (K1421171). Usual disclaimers apply.

Publisher Copyright:
© 2014, © 2014 City University of Hong Kong and National Taiwan University.


  • sentiment effect
  • soccer
  • stock returns
  • transaction costs

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics


Dive into the research topics of 'Soccer sentiment and investment opportunities in the Korean stock market'. Together they form a unique fingerprint.

Cite this