A influência do sentimento no mercado de capitais: evidência no Mundial 2018

Elisabete S. Vieira, Rui Tavares

Abstract


Objetivo: Este estudo visa analisar a relação entre os resultados dos jogos das várias seleções presentes no mundial de futebol de 2018, e a consequente reação do mercado bolsista, avaliando até que ponto o sentimento do investidor influencia a reação dos preços e dos volumes de transação dos índices de mercado, ou, se pelo contrário, se encontra evidência de uma reação racional por parte dos investidores no seu processo de tomada de decisão.

Metodologia: A metodologia baseia-se essencialmente no modelo dos mínimos quadrados para analisar o impacto dos resultados das partidas nas rendibilidades dos índices de mercado.

Resultados: Em termos globais, o estudo não fornece evidência da existência de uma relação direta entre os resultados dos jogos e a consequente reação do mercado, tanto em termos de valor como de volume de transações, não permitindo verificar uma alteração dos padrões de humor dos investidores causados pelos resultados dos respetivos jogos. Contudo, a evidência reforça os pressupostos da teoria das finanças clássicas.

Originalidade/valor: Este trabalho contribui para a literatura recente das finanças comportamentais sobre o efeito do sentimento do investidor na reação do mercado.


Keywords


finanças comportamentais, sentimento, desporto, rendibilidade

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References


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