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An analysis of trading data from 15 global stock exchanges carried out during the 2010 World Cup found that trading volume dropped by roughly 33% from normal levels during games. The research, by two economists from the European Central Bank and the Dutch central bank, found median trading volume was 55% lower than normal when the national team from an individual exchange’s country was playing.
Even Asian markets may not be immune. All the World Cup matches will take place outside trading hours for most major regional markets, but frantic fans could stay up late to watch the games. In a paper this year, scholars from University of Scranton and National University of Singapore found that market returns are on average 0.24% lower than normal the day after a late-night World Cup game, as sleeplessness takes its toll on sentiment.
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