Do Mega-Sporting Events Move Financial Markets? Evidence from FIFA World Cup Host Announcements (1994–2022)

This study examines how stock markets react to the announcement of FIFA World Cup host countries using an event study based on the Efficient Market Hypothesis. Covering tournaments from 1994 to 2022, it analyzes abnormal returns (ARs) and cumulative abnormal returns (CARs) over both short- and long-term periods to measure investor response. The results showed different reactions: some countries experienced negative impacts on the stock market, such as Brazil and the USA, while others experienced positive ones, such as Qatar and Germany. Overall, the findings clarify that stock market responses to World Cup announcements are mixed and depend heavily on the specific host country and its context.