Are diversified football clubs better prepared for a crisis? First empirical evidence from the stock market. (Special Issue: Sport and COVID-19: impact and challenges for the future: volume 1.)

ABSTRACT

Research question In this short article, the researchers explore whether highly diversified professional football clubs, from an investor perspective, are better prepared for an unpredictable global crisis such as the COVID-19 pandemic than undiversified clubs. Research methods: The researchers apply event study methodology to analyze stock returns of football clubs during the first wave of the COVID-19 pandemic.