Many papers have linked the winning final or even the pre-final to the improved performance of the stock market in the following days. For honesty, this assumption has some logic. It is so normal when a team from a given country wins the final or even semifinal; to have the good mood of investors involves a sense of pride and glory that they belong to the country of champions, but the results obtained did not always produce this result.
Starting with the Champions League, we will divide the results into 2 main parts: when the two teams competing in the final of the same country, when the two teams competing in the final from two different countries.
Table 1 explains that when two teams from the same country reach the Champions League final, their arrival will be reflected positively on the performance of the stock market the day after the final regardless of the winning team, this result is clearly repeated each time the final is made up of two teams belonging to the same country. Where the result could be seen in all the studied finals in Spain, Germany and Italy, “which are often dominating the most precious European title” except in England where the results are quite opposite to the rest of the European countries.
On the other hand, Table 2 tells us the results were not expected at all. The results of the analysis showed that every time a team wins from wins the title in the final, a downfall will affect the stock market to which the country belongs to. Looking at Table 2, we will see that this result is always repeated every year except the years 2005 and 2012, strangely enough in both years, the winners of the UEFA Champions League were from the same country…. England!!!!
Indeed, to interpret these outputs, we must accept the third hypothesis or so-called “the loss effect” The fact that a Spanish club won the title does not at all mean the joy of the Spanish fans in general. On the contrary, it would mean the sadness of a large segment of them in exchange for a small percentage of “fans of the club only”.
Bleacher report, a specialist site in sports reports, has made many questionnaires asking fans all over the world about whether they prefer to watch their team win or the scenes of a team they do not like; most of the answers favored the second possibility, which explains the extent of people’s football obsession, It is not surprising that according to many questionnaires, “Real Madrid, Bayern Munich, Barcelona, Manchester United, AC Milan, Juventus, Chelsea and Liverpool” are among the most hated teams in the world internally and externally, and in the time they are the most dominating clubs of the UCL’s final since 2000.
Thus, this could explain the decline in stock performance in the days following the victory of any European team in the final, this also explains the results of Table I, since the arrival of two teams from the same country to the final and the victory of one means that the title will be for this country before the start of the game, which means that the leadership of Europe predetermined for this country, where national sentiment will overcome any other personal feeling.
To explain the adverse results we got when an English team won the title, we had to return to the ownership of the English clubs that won the titles of the three Liverpool, Manchester United and Chelsea, and we will note that foreign funding was the main reason for the decline in financial performance of England after the English domination either in the final or semi-final of UCL, where the first title in the new millennium of an English team was in 2005 for the club Liverpool, and coincidentally that the previous year, “2004” the chairman David Richard Moores expressed about his willingness to consider a bid for his shares “51%” in Liverpool but the sale was not officially announced until 2007 for American business men George Gillett and Tom Hicks.
As for Manchester United ownership of the club belongs to the United States of America, especially for the famous businessman “Malcolm Glazer” who, in addition to being the owner of the most famous English club, he also owns Club “Tampa Bay Buccaneers in the “National Football League”, Finally, for Chelsea, there is no secret of the Russian ownership of the famous businessman “Roman Abramovich”, who you can see in every single game for his club in his cabin in “Stamford Bridge stadium” where the photographers are very fond of monitoring his reactions during the match.
Regarding the semifinals the results were not clear enough, there are no consistent change every time the team qualifies in the semi-finals and are one step away from the final “See Table 3”. This is normal, because the victory of a teams in the semi-finals means that they make a step forward and does not mean they have won the title, In the event of loss, the impact will not be too great because the tournament is held annually, and the loss of the opportunity in this year can be compensated in the next year and not after 4 years like continental and global championships, but what can be clearly observed is that each time two teams from the same country face the semi-finals, the performance for the same country will inevitably fall the next day “with the exception of England of course” and exception both of Italy in 2003 and Spain in 2014 and can be justified in these particular years the second side who reached the final were Italian in 2003 and Spanish in 2014, which confirms the results of Table 1.