This study conducts a detailed investigation into the interplay between major sporting events, specifically the ICC Cricket World Cups and FIFA Football World Cups, and their potential impact on the relationship between dividend announcements and stock market returns. Beyond the customary exploration of investor sentiment and its connection to stock market returns, our research thoroughly examines the effects of these significant sports events on the stock market's reaction to dividend announcements. Drawing on extensive FTSE 350 index data spanning January 1990 to December 2021, we employ event study methodology as the primary analytical framework. To bolster the reliability of our findings, we apply the Generalized Method of Moments (GMM) estimation method, addressing potential endogeneity concerns. Our results uncover a distinct pattern—the stock market exhibits a less favourable response to dividend increases announced following England's victories in major sporting events, such as the FIFA Football World Cup and ICC Cricket World Cup, compared to instances where they faced defeat. Additionally, we observe a more negative market response to dividend decreases announced following England's losses in these pivotal sporting events, as opposed to England emerging victorious in these key contests. This research contributes valuable insights into the intricate relationship between sports passion and market dynamics, offering implications for both scholarly discourse and investment strategy formulation.

本研究对主要体育赛事（特别是国际板球世界杯和国际足联足球世界杯）之间的相互作用进行了详细调查，及其对股息公告和股市回报之间关系的潜在影响。除了对投资者情绪及其与股市回报的联系进行常规探索之外，我们的研究还深入研究了这些重大体育赛事对股市对股息公告的反应的影响。我们利用 1990 年 1 月至 2021 年 12 月期间的广泛 FTSE 350 指数数据，采用事件研究方法作为主要分析框架。为了增强我们研究结果的可靠性，我们应用广义矩量法 (GMM) 估计方法来解决潜在的内生性问题。我们的结果揭示了一个独特的模式——与英格兰队在国际足联足球世界杯和国际板球世界杯等重大体育赛事中获胜后宣布的股息增加相比，股市对英格兰队遭遇失败的情况表现出不太积极的反应。此外，我们观察到市场对英格兰队在这些关键体育赛事中失利后宣布的股息减少的反应更为负面，而不是英格兰队在这些关键比赛中取得胜利。这项研究为体育热情与市场动态之间的复杂关系提供了宝贵的见解，为学术讨论和投资策略的制定提供了启示。