Olympic Games Baron Pierre de Coubertin founded the International Olympic Committee (IOC) in 1894, leading to the first modern Games in Athens in 1896. The IOC is the governing body of the Olympic Movement, with the Olympic Charter defining its structure and authority. The evolution of the Olympic Movement during the 20th and 21st centuries has resulted in several changes to the Olympic Games. Some of these adjustments include the creation of the Winter Olympic Games for snow and ice sports, the Paralympic Games for athletes with a disability, the Youth Olympic Games for athletes aged 14 to 18, the five Continental
Olympic Games Games, at 324%. London 2012 had a cost overrun of 76%, Sochi 2014 of 289%. Many economists are sceptical about the economic benefits of hosting the Olympic Games, emphasising that such "mega-events" often have large costs while yielding relatively few tangible benefits in the long run. Conversely hosting (or even bidding for) the Olympics appears to increase the host country's exports, as the host or candidate country sends a signal about trade openness when bidding to host the Games. Moreover, research suggests that hosting the Summer Olympics has a strong positive effect on the philanthropic contributions of corporations headquartered in