Few events capture the emotions of worldwide fans of sport more than the World Cup Soccer Tournament.
And if it's true that markets rise and fall during periods when emotions rule logic, investors might want to buy into the stock markets of their favorite soccer teams.
Foreign & Colonial Emerging Markets Ltd. has started the Foreign & Colonial World Cup index to determine if there is a correlation between sporting events and stock-market movements. Scores and national index movements on the day of and day after play will be reported weekly for all matches involving emerging markets countries.
The index is based on the theory that markets rise and fall with the emotions of the citizenry.
The Brazilians, Colombians and Italians are particularly renowned for their passion for soccer.
"In Brazil, it is victory or exile. There is nothing in between," said Ronaldo, one of the country's biggest soccer stars.
The theory, however, is off to a weak start, according to Foreign & Colonial. Brazil's Bovespa was off 4.8% June 10 after its 2-1 victory over Scotland, while the FTSE was off -0.5%.
Morocco's market was closed the day of its 2-2 tie with Norway. The OBX index, which measures Norway's performance, was off -0.13%.
But the final result of Brazil's market doesn't tell the entire story.
Much of the drop in Brazil's market occurred before it closed early to allow traders to watch the match.
"Post-match euphoria (relief) saw a small rise in the Bovespa, then reality at an underpar performance sank in and the market fell, reflecting the disappointing start," according to a Foreign & Colonial release.
"With such a small sample so far the statistical validity is low," Foreign & Colonial states. "We must wait for future weeks to uncover the true relationships."
World Cup competition continues until mid-July.