世界大學運動會申辦成功之宣告效果

Stock Market Reaction to Universiade Games Announcement

本研究旨在探討贏得國際大型運動賽會主辦權對該城市股票市場的影響。係以2011年世界大學運動會主辦城市深圳為例，探討該城市申辦成功之宣告對於深圳證券交易所股價是否產生異常報酬率。本研究採用事件研究法，以深圳證券交易所的A股與B股為樣本，運用市場指數調整模式來分析宣告贏得賽會主辦權期間，股票市場是否會出現異常報酬率或累積異常報酬率。實證結果發現，賽會申辦成功宣告對股價異常報酬率具有顯著的宣告效果，且深圳A股與B股皆出現顯著的累積異常報酬率。本研究結果顯示，賽會申辦成功宣告對股價異常報酬率具有顯著影響，雖然出現異常報酬的反應時間不長，但投資人只要把握宣告日前進場，仍有機會於宣告期間獲得超額報酬。

Purpose: Winning to host mega sports events benefits a city's reputation, tourism and economic activities. In order to better understand the economic activity of the city which wins the game bidding, the event study is used to examine the impact of winning to host the mega sport event on the stock market. Method: We adopt the Summer Unversiade Game as the mega sport event to analyze the stock market reactions in ShenZhen, China, competing to hold the 26^(th) Summer Universiade Game, around the time of the winning bid announcement. We employ event study analysis in order to assess the abnormal returns (AR) and cumulative abnormal returns (CAR) in ShenZhen's stock exchange. Results: The empirical results indicate significant positive abnormal returns at the announcement day and the next day. Further, we find positive cumulative abnormal returns last 6 days from the day after the announcement day in stock market. Our findings are in line with previous studies: the announcement of hosting mega sport events has positive impact (both AR & CAR) for the bid winner's stock market. Conclusions: We may conclude that, the day before the announcement day could be a great time for investors to invest in the winner's stock market.