tailieunhanh - The Effect of Soccer Performance on Stock Return

| Journal of Applied Finance Banking vol. 3 no. 5 2013 299-314 ISSN 1792-6580 print version 1792-6599 online Scienpress Ltd 2013 The Effect of Soccer Performance on Stock Return Empirical Evidence From The Big Three Clubs of Turkish Soccer League Mehmet Saraẹ1 and Feyyaz Zeren2 Abstract The aim of this paper is to investigate the effect of soccer performance on the clubs stock returns through an empirical analysis applied on Turkish case. The study is based on the data of Beặiktaặ Galatasaray and Fenerbahẹe considered the big three in Turkey. The sample period spans the period between 2005 to 2012. Multiple regression models are employed where the effect of performance on the stock return is analyzed by controlling such variables as the market index the type of the match . international or derby the betting odds prior to the match the venue of the match the lag between the match date and market opening date and the market index return. The findings show that the soccer performance is significantly and positively related with the stock returns for all the three clubs. The relationship is found stronger in Beặiktaặ compared to the other two. JEL classification numbers G10 L83. Keywords Soccer economics Soccer Club Stocks Soccer Performance Stock Return. 1 Introduction Soccer far beyond being a sports activity has become a global industry with an enormous economic volume today. Income sources of the industry have expanded from sports events to many other areas such as media coverage advertisement and merchandising. Today many soccer clubs are in the form of public corporations of which stocks are traded in Exchanges. Especially for last two decades the soccer world is dominated by a profit-maximization manner Duque and Ferreira 2005 3 that casts a shadow over some ethical matters. The 1Associate Professor Sakarya University Faculty of Business Administration Sakarya Turkey 2PhD Candidate in Finance Sakarya University Institute of Social Sciences Sakarya Turkey .

• Ngân hàng - Tín dụng
• Interbank exposures
• Banking crises
• Maximum entropy
• Contagion in crises
• Interbank exposures and risk