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Second, a positive stock market response was observed in the IT sector as well.Īgence France-Presse. In other words, the market interpreted the event as good news, with shareholders expecting positive effects on the related sectors. First, although the findings indicating abnormal returns and cumulative abnormal returns appear mixed, the overall results imply that the unprecedented worldwide hit single by the South Korean singer positively affected the Recreation & Culture and Digital Content sectors. The results show two notable empirical findings. First, can a single cultural event impact the stock prices of a wide range of companies and sectors? Second, was the positive stock market response in the information technology (IT) sector as well as performing arts sector significant? To answer these questions, we examine whether a hit pop single, “Gangnam Style” by Park Jae-Sang in 2012, affected related sectors of the Korean stock market and whether market reactions went beyond the stock price of the singer’s agency to affect those of other firms. This study attempts to answer two questions.
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