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MIT staff blogger Matt McGann '00

World Cup Final in Boston by Matt McGann '00

An MIT- and Boston-centric look at the Italian victory.

Congratulations to Italy on their World Cup victory. The celebration was huge here in Boston, home to a large Italian-American population. Italy is also home to 50+ MIT undergraduate and graduate students.

Despite the American reputation of not being a soccer-friendly country, thousands of fans showed up at Boston’s City Hall to watch the Final:


Bostonist


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But probably the place to be was the North End, Boston’s Little Italy. So many folks turned up to watch the match that Hanover Street, the North End’s main drag, had to be closed to traffic. You can see the scene below (note the delicious Mike’s Pastry at right):


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About the Hanover Street celebrations, the Boston Globe wrote:

Boisterous chants and cheers replaced the North End’s usual buzz yesterday when thousands of soccer fans streamed onto Hanover Street to cheer an Italian victory in World Cup soccer. It would be hard to imagine greater excitement in the streets of Palermo.

For France, though, all they have to look forward to is a down market. According to this article, the French stock market is likely to underperform today:

..based on research at the Massachusetts Institute of Technology and elsewhere […] on the first trading day after a country’s team is eliminated from the World Cup, its national stock index on average lags about a half percentage point. That doesn’t mean the market necessarily falls. It means the national index will perform 0.49 percent worse than it otherwise would, all other conditions being the same.

Is it really possible that big-time investors’ disappointment over the outcome of a game would put them in such a bad mood that they would bid down stocks? Yes, according to Alex Edmans , an MIT graduate student and co author of the research.

“The thinking was that the big money managers are dispassionate, but here, we’ve shown even the important people are not computers,” Edmans said. “Even though they’re professional investors, and you might think their day job is to watch the fundamentals, they are human beings.”

But what of the Italian stock market today?

The study did not find indexes rose after victories, perhaps because overconfident fans take victory for granted. “If you ask most supporters, they always think they’re going to win the World Cup,” Edmans said.

7 responses to “World Cup Final in Boston”

  1. Saad Zaheer says:

    I was at the Boston city hall yesterday… it was such a party!

  2. JKim says:

    People in the North End of SF were going absolutely insane, too :D But my friend is actually IN Italy right now, so I’m thinking his stories probably beat both of ours. Ah, well. Italia!!

  3. JKim says:

    By the way, Mike’s Pastry = <3.

  4. Brian Yen says:

    I think the soccer is just a activety which can make our community happier and bring a lot of laughter .won or lose aren’t very important.

    the importance is to enjoy the sport and feeling the happies

    Just play and laugh

  5. Sam says:

    I read in a Lufthansa travel magazine that the birth rate in France increased by a statistically significant amount 9 months after their victory.

  6. Melis says:

    I can’t really put into words how painful it was to be watching the Final at home (in Maryland) when they showed City Hall on ESPN. It was so funny how they only showed Rome, Berlin, and Boston! Yea, just to torture me =(

    But thanks for the pictures! I can almost imagine myself standing in the crowd and eating a cannoli…

  7. Melis says:

    I can’t really put into words how painful it was to be watching the Final at home (in Maryland) when they showed City Hall on ESPN. It was so funny how they only showed Rome, Berlin, and Boston! Yea, just to torture me =(

    But thanks for the pictures! I can almost imagine myself standing in the crowd and eating a cannoli…