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Journal article
Stock Market Reaction to the Supreme Court's Consideration of PASPA
International journal of sport finance, Vol.17(1), pp.18-28
02/01/2022
Web of Science ID: WOS:000808375700002
Abstract
A landmark decision (Murphy v NCAA) by the Supreme Court of the United States (SCOTUS) in 2018 ruled that the federal government could not prohibit individual states from allowing sports wagering. Our study explicitly assesses the stock market's response to this case's progression through legal review phases, culminating with a landmark SCOTUS decision. Surprisingly, we find that the stock market failed to efficiently interpret key events precipitating SCOTUS' eventual decision. Even though serious indications suggested that the Professional and Amateur Sports Protection Act (PASPA) was likely to be overruled, markets did not acknowledge such a possibility early. Instead, prices only responded when SCOTUS' ruling was finalized.
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Details
- Title
- Stock Market Reaction to the Supreme Court's Consideration of PASPA
- Publication Details
- International journal of sport finance, Vol.17(1), pp.18-28
- Resource Type
- Journal article
- Publisher
- Fitness Information Technology, A Division of ICPE West Virginia University
- Identifiers
- WOS:000808375700002; 99380171958606600
- Academic Unit
- Accounting and Finance; Business Administration; Lewis Bear Jr. College of Business
- Language
- English