The Italian stock market rose last Monday while the UK stock market fell. Italy’s FTSE MIB index rose 0.92% on the day, while the FTSE UK All-Share Index started down 0.65%. Is it a coincidence that these returns mirror the outcome of the European Championship final, in which Italy beat England on penalties?

Perhaps not. Researchers have found that, as a general rule, a country’s stock market suffers whenever one of its sports teams is eliminated from major world competitions.