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India's Cricket Performance & Its Stock Market Impact

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India's Cricket Performance & Its Stock Market Impact
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  i INDIA’S CRICKET PERFORMANCE AND ITS IMPACT ON THE STOCK MARKETSHREYAS RAVINDRAN  A project report submitted to the FACULTY OF SCIENCE AND HUMANITIES  In partial fulfillment of the requirement for the award of the degree of MASTER OF SCIENCE IN FINANCIAL ECONOMICS   MADRAS SCHOOL OF ECONOMICS ANNA UNIVERSITY CHENNAI-600025 May 2010  ii Anna University Chennai -600025  Degree and Branch  : MASTER OF SCIENCE (FINANCIAL ECONOMICS)  Month and Year of Submission  : MAY 2010 Title of the Project Work  : India's Cricket Performance and It’sImpact on the Stock Market   Name of Student : SHREYAS RAVINDRAN    Roll Number  : 200871754  Name and Designation : Dr. S. Raja Sethu Durai  of Supervisor Lecturer  Madras School of Economics Anna University, Chennai-600025    iii BONAFIDE CERTIFICATE This is to certify that this project report titled “ India’s Cricket Performance and Its Impact on the Stock Market” is the bonafide work of Mr. Shreyas Ravindran who has carried out the research under my supervision. Certified, further that to the best of my knowledge, the work reported herein does not form part of any other thesis or dissertation on the basis of which a degreeor award was conferred on an earlier occasion on this or any other candidate. Dr. D.K Srivastava Dr. S. Raja Sethu DuraiDirector Lecturer Madras School of Economics Madras School of Economics Anna University Anna University Chennai-600025 Chennai-600025  iv ACKNOWLEDGEMENTS Sport has always been something that is close to my heart. Being able to make my dissertation on it has however only been a dream. Converting that dream into reality has  been an experience that I have thoroughly enjoyed from the beginning. This dissertation would not have been possible without the assistance of my guide, Dr. S. Raja Sethu Durai. Due to the relative lack of research in this field, Raja sir’s help was needed in every step of the way and was exactly what I needed to make this dissertation possible. I’d like to thank him for that.I would also like to thank Dr. Saumitra Bhaduri for his invaluable inputs and time, especially at the beginning which gave me confidence that this dissertation would be  possible.I would also like to thank Uma Sekar, Vinodhini Umashanker, Vaishnavi Prathap and Cesc Fabregas for their much-needed help invarying degrees. Of course, this would not have been possible if it was not for my Parents and Almighty. I am gracious for what they have given me.  v  ABSTRACT Behavioral economics suggests that non-economic events also have an effecton the stock market of a country. The dissertation tries to empirically test this by studying the effects of the Indian cricket team’s performance with theIndian Nifty index. Literatureon  behavioral economics suggest that sporting events could affect aninvestor  psychologically thereby modifying the way he judges and makes decisions. This effect can have an impact on the stock market either positively or negatively. This effect is tested for by using a Logistic Regression framework to observe if a winor loss by the Indian Cricket team causes the market index to either gain or lose respectively. Using the data of all the cricket matches played by India for the period from 1995 to 2009 including the One Day Internationals, Test Matches and Twenty-20s, this study found a significant market gain the day after the completion of the match  particularly in ODI matches. The gain was also found to be higher against top ranked nations and the matches played in outside India venues.
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