Does the World Cup affect stock markets?

According to Goldman Sachs

Can an institution like the World Cup affect the stock market?

According to Goldman Sachs, the answer is yes. According to the study of historical data, the markets of the winners of the World Cup outperform the rest, even for a short time.

On average, the winner allows its country’s stock market yields of up to 3.5% for the first month, a figure that usually decreases after three months, while Goldman Sachs suggests that investors “enjoy profits, for as long as they may hold”.