Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/176382 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
Texto para discussão No. 655
Verlag: 
Pontifícia Universidade Católica do Rio de Janeiro (PUC-Rio), Departamento de Economia, Rio de Janeiro
Zusammenfassung: 
We document that a huge frustration shock, clearly unrelated to government's actions, was perceived to lead to substantial punishment at the polls months later. In particular, we provide evidence that Brazil's 7-1 humiliating defeat to Germany in the 2014 World Cup was perceived by financial market participants as a political shock against the incumbent president. To do so, we explore an empirical strategy that allows us to extract daily political news content from stock market data. Among the many events that affected the convoluted 2014 presidential election, the 7-1 defeat to Germany was among those perceived to have high political impact. We propose an explanation whereby this huge frustration shock triggered a transfer of domains that led Brazilians to update their beliefs regarding government's poor performance.
Schlagwörter: 
voting behavior
frustration shock
event study
soccer
World Cup
Germany 7x1 Brazil
JEL: 
C58
D72
G14
Dokumentart: 
Working Paper

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