The success or failure of England in the World Cup is likely to have a significant influence on the London stock market, according to a study.
Research examining the link between the FTSE 100 index and England results show, on average, how on the following day the index falls after a defeat, also drops after a draw and rises if the team wins.
The study carried out by academics from the Universities of Bangor, Leeds and Newcastle examined whether, on average, returns from the FTSE 100 index changed significantly the day after 290 England international football games between 1984 and 2009.
It was found the largest gains and falls in the stock market happened after tournament games such as the World Cup.
Slightly lower share price gains and losses were noticed after friendly and qualifying matches.
The effect of international sporting results on stock markets was well documented and often attributed to the psychological effects of the result, said researchers.
Professor Robert Hudson, from Newcastle University Business School, said: "Stockbrokers, like everyone else, can be carried away in the depression associated with an England loss at the World Cup."
An early England exit in South Africa could have negative business effects on the alcohol, media, leisure and sportswear industries, the report added.
Dr John Ashton, from Bangor University Business School, said: "If England are eliminated from the World Cup early, it may be a good day to look for bargains on the stock market".