Performance of Soccer on the Stock Market : Evidence from Turkey

This paper assesses the effect of soccer success on stock market returns for three big Turkish teams (Besiktas, Fenerbahce and Galatasaray) after certain characteristics of the stock market are controlled for. The empirical evidence presented here suggests that Besiktas's win against foreign rivals in the Winner's Cup increases stock market returns. The same effect is not present for the other two big teams (Fenerbahce and Galatasaray). The day of the week effect on the stock market and the relationship between risk and return are also presented