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The Effect of Soccer Performance on Stock Return: Empirical Evidence From “The Big Three Clubs†of Turkish Soccer League

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  • Mehmet Saraç
  • Feyyaz Zeren

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 Beşiktaş, Galatasaray and Fenerbahçe, 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 (i.e., 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 Beşiktaş compared to the other two.

Suggested Citation

  • Mehmet Saraç & Feyyaz Zeren, 2013. "The Effect of Soccer Performance on Stock Return: Empirical Evidence From “The Big Three Clubs†of Turkish Soccer League," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 3(5), pages 1-20.
    • Handle: RePEc:spt:apfiba:v:3:y:2013:i:5:f:3_5_20
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    Cited by:

    1. Supino, Enrico & Tenucci, Andrea & Di Nanna, Gianluca, 2024. "Sports failures and stock returns between rationality and emotionality: Evidence from the UEFA Champions League," Research in International Business and Finance, Elsevier, vol. 70(PB).
    2. Berna KIRKULAK ULUDAG & Secil Sigali, 2016. "Futbol Mac Sonuclarinin 4 Buyuklerin Hisse Senedi Getirilerine Etkisi," Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, vol. 16(4), pages 575-585.
    3. David Alaminos & Ignacio Esteban & M. Belén Salas, 2023. "Neural networks for estimating Macro Asset Pricing model in football clubs," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 30(2), pages 57-75, April.
    4. Majewski, Sebastian, 2014. "Modelling of football companies' rates of return according to sport results and bookmakers' expectations on the example of serie A," Business and Economic Horizons (BEH), Prague Development Center (PRADEC), vol. 10(3), pages 1-9.
    5. Altuğ Tanaltay & Amirreza Safari Langroudi & Raha Akhavan-Tabatabaei & Nihat Kasap, 2021. "Can Social Media Predict Soccer Clubs’ Stock Prices? The Case of Turkish Teams and Twitter," SAGE Open, , vol. 11(2), pages 21582440211, April.

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