Football and the Risk-Return Relationship for a Stock Market: Borsa Istanbul

Hakan Berument (), Nildag Ceylan and Bahar Onar

Emerging Markets Finance and Trade, 2013, vol. 49, issue 2, 19-30

Abstract: We hypothesize that results of football (soccer) teams affect the risk perception of people. People choose riskier investments after a win and less risky investments after a loss; this leads to higher (lower) returns in the stock market. These hypotheses are tested for the international matches of Turkey's three most popular teams (Beşiktaş, Fenerbahçe, and Galatasaray). The empirical findings suggests that the teams' wins led to higher asset returns and lower risk aversion on the following business day of the Borsa Istanbul and lower returns and higher risk aversion after a loss or a tie.

Keywords: behavioral finance; football; psychology; stock market returns (search for similar items in EconPapers)
Date: 2013
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