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The Effect Of International Soccer Games On Exchange Rates Using Evidence From Turkey

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  • Ender DEMIR
  • Chi Keung Marco LAU
  • Ka Wai Terence FUNG

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

Suggested Citation

  • Ender DEMIR & Chi Keung Marco LAU & Ka Wai Terence FUNG, 2014. "The Effect Of International Soccer Games On Exchange Rates Using Evidence From Turkey," Journal of Advanced Studies in Finance, ASERS Publishing, vol. 5(2), pages 145-156.
    • Handle: RePEc:srs:jasf00:v:5:y:2014:i:2:p:145-156
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    Cited by:

    1. Ender Demir, 2015. "Aviation Accidents and Stock Market Reaction: Evidence from Borsa Istanbul," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 3(1), pages 51-56.
    2. Fung, Ka Wai Terence & Demir, Ender & Lau, Chi Keung Marco & Chan, Kwok Ho, 2015. "Reexamining sports-sentiment hypothesis: Microeconomic evidences from Borsa Istanbul," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 34(C), pages 337-355.

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