İki Spor Kulübünün Hisse Senedi Getirileri Üzerine Bir İnceleme

Financial authorities agree that among all sports football has the highest industrialization level. In Turkey competition between the two stock exchange quoted football clubs Fenerbahce and Galatasaray, takes place not only in the football field but also in the Istanbul Stock Exchange. The purpose of this study is to analyze the effect of the game scores of the two teams on the market value of their stocks. The effect is examined for each club both by independently considering each team’s results and by looking at the interaction of these results with those of its competitor. The three day event window study showed that stock prices created an abnormal return on the first business day before and after a match. The performed Anova test revealed that the source of positive and negative abnormal return was the teams’ own performance only; the competitor’s performance didn’t have any significant effect on the abnormal return level.