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JOURNAL OF ACCOUNTING AND FINANCE
Sports and The Stock Market
Author(s): Ian Patrick Reid, Joseph Goebel, Srinivasan Sundaram, William A. Ogden, Suzanne Seymoure
Citation: Ian Patrick Reid, Joseph Goebel, Srinivasan Sundaram, William A. Ogden, Suzanne Seymoure, (2013) "Sports and The Stock Market," Journal of Accounting and Finance, Vol. 13, Iss. 3, pp. 21 - 28
Article Type: Research paper
Publisher: North American Business Press
Abstract:
The surprising correlation between the stock Market and the league winning the super bowl has stood the
test of time. Less known is that American Thoroughbred Racing (ATR) derby winners are also correlated
with the stock market. We do not detect any correlation between the stock market and the National
Basketball Association (NBA) or Major League Baseball (MLB). This is a learning moment: one,
spurious relationships are not an indictment against the Efficient Markets Hypothesis (EMH) and, two,
such casual relationships are not causal; we caution that such anomalous investment strategies are
detrimental to creating wealth.
