THE EFFECT OF INTERNATIONAL SOCCER GAMES ON EXCHANGE RATES USING EVIDENCE FROM TURKEY

Ender Demir, Chi Keung Lau and Ka Wai Terence Fung ()

Journal of Advanced Studies in Finance, 2014, vol. 5, issue 2, 145-156

Abstract: This paper examines the impact of international soccer games of three major soccer clubs of Turkey Besiktas Fenerbahce and Galatasaray as well as the Turkish national team on Turkish Lira TL against the U S dollar and TL against Euro during the period between 2003 and 2010 We find that draws and losses do not affect the exchange rates However when the effect of wins for each team is analyzed it is found that a win effect exists only for the Turkish national team Early studies found that TL tends to depreciate after a Turkish soccer club win over foreign rivals However a depressing effect after a win is rare in the literature This study provides evidence that local currency actually appreciates after a win

Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:srs:jasf00:v:5:y:2014:i:2:p:145-156

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