The awarding of the Olympic Games to a certain city or the announcement of a city's Olympic bid may be considered as a news shock that affects agents' market expectations. A news shock implies potential impacts on the dynamic adjustment process that change not only the volatility but also the...

The awarding of the Olympic Games to a certain city or the announcement of a city's Olympic bid may be considered as a news shock that affects agents' market expectations. A news shock implies potential impacts on the dynamic adjustment process that change not only the volatility but also the...

Public referenda on Olympic bids have drawn considerable interest in the recent past, also because - with few exceptions - the voters decided against the Olympic ambitions of the local governments and/or local bid committees. For example, within the last five years before the finalizing of this...