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The Effect of Performance of Soccer Clubs on Their Stock Prices: Evidence from Turkey

Ender Demir () and Hakan Danis

Emerging Markets Finance and Trade, 2011, vol. 47, issue 0s4, 58-70

Abstract: This paper investigates the stock price reactions of Turkish soccer clubs to game results, according to match venue and competition type. Betting odds are included to control expectations. The findings indicate that match results of the listed soccer clubs affect abnormal returns, and there is an asymmetric stock market reaction to both wins and losses. The results also indicate that a win in a European Cup does not affect clubs' stock returns. However, a domestic win effect is significantly higher than the effect of a European Cup win. The price reaction of stocks also depends on the type of corporation that the clubs establish when they go public.

Keywords: abnormal return; Besiktas; Galatasaray; Fenerbahce; odds; stock return (search for similar items in EconPapers)
Date: 2011
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Handle: RePEc:mes:emfitr:v:47:y:2011:i:0s4:p:58-70