Moneyball in the Turkish Football League: A Stock Behavior Analysis of Galatasaray and Fenerbahce Based on Information Salience

Caner Özdurak and Veysel Ulusoy

Journal of Applied Finance & Banking, 2013, vol. 3, issue 4, 1

Abstract: Football clubs listed on Istanbul Stock Exchange suggests an interesting way of testing stock price behaviors to different types of news about both sportive success related and non-sports related events. Strong football club stock price reactions to surprising game results and the lack of reaction to betting odds is related with the dominated structure of Turkish Football League by the big four; Galatasaray (GS), Fenerbahce (FB), Besiktas (BJK) and Trabzonspor (TS). Coherent with this idea we conclude that GS and FB stocks react strongly to unexpected game results and derby matches. Other local league match wins do not have such an impact on stock prices. Moreover especially for FB related news rather than game results such as match-fixing case explain most of the price volatilities of the sport stocks. There is also some limited support for the notion that GS and FB stock prices are more affected by the bad news compared to good news.

Date: 2013
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