Football and the Risk-Return Relationship for a Stock Market: Borsa Istanbul
EMERGING MARKETS FINANCE AND TRADE, cilt.49, sa.2, ss.19-30, 2013 (SSCI, Scopus)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 49 Sayı: 2
- Basım Tarihi: 2013
- Doi Numarası: 10.2753/ree1540-496x490202
- Dergi Adı: EMERGING MARKETS FINANCE AND TRADE
- Derginin Tarandığı İndeksler: Social Sciences Citation Index (SSCI), Scopus
- Sayfa Sayıları: ss.19-30
- Açık Arşiv Koleksiyonu: AVESİS Açık Erişim Koleksiyonu
- Ankara Yıldırım Beyazıt Üniversitesi Adresli: Evet
Özet
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 (Besiktas, Fenerbahce, 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.