The 2004 Olympic Games announcement and its effect on the Athens and Milan stock exchanges / Nikolaos Veraros, Evangelia Kasimati, Peter Dawson

Kasimati, Evangelia | Dawson, Peter | Veraros, Nikolaos

Through an event study methodology, the effect of the nomination of Athens as the hosting city for the Olympics of 2004 on the stock exchanges of Greece (winner) and Italy (loser), the two primary candidates for the Games is examined. Academic literature suggests that sporting mega events have a positive contribution to the host area economy. This study reveals a significantly positive effect on the Athens stock exchange (ASE) as a whole, as well as on infrastructure-related industries.

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