The race that stops the equity market

Paul Docherty, Adrian Melia

Research output: Contribution to journalArticleResearchpeer-review


The Melbourne Cup is a major horse racing event that is colloquially known as the ‘race that stops the nation’ in Australia. We use constituent stock intraday volume data on the Australian Securities Exchange S&P/ASX 200 equity index from 2003 to 2013 within a regression framework to examine whether this major horse race reduces investor attention. Results show that trading volume on the Australian equity market is significantly reduced during and immediately surrounding the running of the Melbourne Cup, supporting the claim that this is the ‘race that stops the equity market’.

Original languageEnglish
Pages (from-to)1179-1183
Number of pages5
JournalApplied Economics Letters
Issue number14
Publication statusPublished - 22 Sep 2015
Externally publishedYes


  • investor attention
  • sporting events
  • stock market
  • volume

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