The impact of FIFA’s official announcements on the stock market of Qatar: The case of the 2022 World Cup

Refai, Hisham Al; Eissa, Mohamed Abdelaziz

doi:10.1016/j.ribaf.2017.04.032

Cited by 10 publications

(15 citation statements)

References 27 publications

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“…Other pillars of sustainability, such as the economic [92][93][94][95] or social sustainability [96][97][98][99][100][101][102][103], attract less individual attention, even though they are equally important to consider as the environmental issues because they are all interrelated. However, several studies consider these topics under the study approach of multisectoral legacies [3,14,19,22,[104][105][106][107][108][109][110][111][112][113][114][115][116][117][118][119][120], with "legacy" as one of the most important concepts in the conception of SMEs.…”

Section: Analysis Of the Literature On Sme And Sustainabilitymentioning

confidence: 99%

“…Qatar's motivations are encompassed in such a frame. The bidders saw for Qatar the chance to achieve a notable position and good international standing, recognized as features of soft power [21], while increasing cultural exposure and the buildup of an auspicious destination for business [94], key features into the Qatar development blueprint known as the QNV of 2030 [137].…”

Section: Qatar 2022: the Eventmentioning

confidence: 99%

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Sustainability in Mega-Events: Beyond Qatar 2022

2019

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Hosting a mega-event such as the 2022 FIFA Men’s World Cup is a defining moment for Qatar, a country that is in transition, small in size and population, and rich in natural gas reserves. It is a unique opportunity to host a universal event and leave a sustainable positive legacy for the country. However, the preparation, execution, and after-effects of such events are challenging initiatives with significant long-term impacts on the economy, society, and environment in the hosting country and nearby region. This study addresses the intersection between mega sports events and sustainability, to systematically compare and learn from past mega-events and apply that to the case of the Qatar 2022 World Cup. The Qatari bid proposed a new FIFA Men’s World Cup (WC) spatial compact model around just one city area and the goal of achieving the first carbon-neutral WC. Herein, the challenges, opportunities, and progress in this scenario are evaluated accordingly, showing that local organizers are applying green technologies, urban development concepts, and strongly upholding the idea of legacies based on the Qatar National Vision 2030, which envisions sustainable development of the country. However, additional work is still needed to reduce environmental impacts and on several reported social issues.

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Section: Analysis Of the Literature On Sme And Sustainabilitymentioning

confidence: 99%

Section: Qatar 2022: the Eventmentioning

confidence: 99%

Sustainability in Mega-Events: Beyond Qatar 2022

2019

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“…Comparing the two potential causes, Bekaert and Wu (2000) and Bollerslev, Litvinova and Tauchen (2006) reject the leverage effect theory and find support for the volatility feedback in the US stock market. Whatever the cause, according to Koutmos and Knif (2002), the asymmetric volatility of stock returns is a stylised fact and failure to account for it in conditional tests is bound to lead to misspecifications in asset pricing (see also Al Refai, Abdelaziz Eissa, & Zeitun, 2017).…”

Section: Literature Reviewmentioning

confidence: 99%

“…Such a mega event requires Qatar to build gigantic infrastructure and real estate investments. Qatar has committed to building state-of-the-art stadiums, modern public transportation systems, residential projects and various entertainment venues to meet the requirements of the FIFA and international football fans, in addition to diverse infrastructure projects as part of Qatar’s national development plan (Al Refai & Abdelaziz Eissa, 2017).…”

Section: Introductionmentioning

confidence: 99%

“…The FIFA’s decision to appoint Qatar as the host of the 2022 World Cup imbued local and international investors with optimism that future spending on infrastructure projects would boost economic growth and increase the future trading volume of QSE. In addition, QSE experienced significant losses and gains over the period 2011-2015 due to various official announcements by FIFA and leaked information to the media on alleged bribes and corruption probes related to the legitimacy of Qatar as a winning host, prompting local and international investors to react asymmetrically to whether the investments related to the 2022 World Cup would have to be cancelled or continued (refer to, e.g., Al Refai & Abdelaziz Eissa, 2017). Finally, crude oil and natural gas are the cornerstones of Qatar’s GDP and government revenues.…”

Section: Introductionmentioning

confidence: 99%

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The Impact of Market-wide Volatility on Time-varying Risk: Evidence from Qatar Stock Exchange

Refai

Hassan

2018

Journal of Emerging Market Finance

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This study examines the impact of market-wide volatility on time-varying risk using the heteroscedastic market model with EGARCH (1,1) specification. Using daily sector returns from the Qatar Stock Exchange (QSE) market over the period 2007–2015, we find that in terms of systematic risk, the large sectors are as vulnerable to overall market volatility as the small ones. In addition, the results reveal evidence for asymmetry in time-varying risk due to the impact of market-wide shocks on sector returns. Specifically, we find that market-wide upswings reduce the systematic risk for industrials, while market-wide downswings increase the systematic risk for real estate, telecommunication and transportation. Our modified model survives a battery of robustness checks.

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