How Are Fenebahçe’s And Beşiktaş’s Stock Returns Reacted To The Match-Fixing Announcement?

Year 2020, Volume: 23 Issue: 1, 154 - 163, 30.04.2020

Merve Karacaer Ulusoy , Hülya Ünlü

https://doi.org/10.29249/selcuksbmyd.655453

Abstract

Football is one of the most important sport activities in the worldwide, where stock prices are very sensitive to game results. On 3rd of July 2011 Beşiktaş and Fenerbahçe, the two major Turkish soccer teams, were accused of match-fixing which suddenly dampen their share prices. This study assesses to compare the stock market performances of both Beşiktaş and Fenerbahçe when they earn the right to enter group stages in UEFA European League before the match-fixing and after the match-fixing announcement by using event study method. The results indicate that the announcement of entering group stages in UEFA European League before the match-fixing process has a positive impact on both teams’ stock movements. On the other hand, after the announcement of match-fixing, negative effect is achieved for both of the teams, even they earned the right to enter group stages. Interestingly the evidences show that Fenerbahçe’s stocks are affected heavily during the match fixing process while the same negative effect is not strong for Beşiktaş. The findings of this study will contribute to the literature as it is the only study that compares the effect of match-fixing process on the stock market returns of both Beşiktaş and Fenerbahçe when these teams are successful in international areas by considering UEFA European League as the case.

Keywords

Beşiktaş, Fenerbahçe, Soccer, Match-Fixing

Fenerbahçe ve Beşiktaş’ın Hisse Senedi Getirileri Şike Duyurusuna Nasıl Tepki Verdi?

Abstract

Bu çalışma, şike iddiası öncesi ve sonrası dönemlerde Beşiktaş ve Fenerbahçe Spor kulüplerinin UEFA Avrupa Liginde yakaladıkları başarılarının pay piyasalarındaki performanslarını karşılaştırmayı amaçlamaktadır. Çalışmada iki ayrı dönem incelenmiştir; Beşiktaş için şike öncesi dönem 2010-2011 sezonunu ve şike sonrası dönem 2011-2012 sezonu olarak belirlenmiştir. Fenerbahçe için ise şike öncesi dönem 2009-2010 ve şike sonrası dönem ise 2012-2013 sezonu olarak belirlenmiştir. Çalışmada Olay çalışması metodu kullanarak play-off maçlarında başarılı olup grup maçlarına geçen takımların bu başarısının günlük hisse senedi getirisi üzerindeki etkisi incelenmiştir. Takımların grup maçlarına yükseldiğinin ilan edilmesi her iki takımında hisse senedi hareketlerini pozitif etkilemiştir. Diğer taraftan şike sonrası dönemde hem Beşiktaş hem de Fenerbahçe hisse senetlerinin getirileri grup maçlarına yükseldikleri duruma rağmen negatif etkilenmiştir. Çalışmada dikkat çeken sonuçlardan birisi de Fenerbahçe hisse senedi getirilerinin Beşiktaş hisse senedi getirilerine göre daha sert bir negatif etki ile karşılaşmasıdır.

Keywords

Beşiktaş, Fenerbahçe, Futbol, Şike

References

• Akhtar, Shumi, Faff, Robert, Oliver, Barry and Subrahmanyam, Avanidar (2010) “The power of bad: The negativity bias in Australian consumer sentiment announcements on stock returns”, Journal of Banking & Finance 35(5), 1239-1249.
• Benkraiem, Ramzi, Le Roy, Frédéric, and Louhichi, Waël (2011) “Sporting performances and the volatility of listed football clubs”, International Journal of Sport Finance 6(4), 283-297.
• Campbell, John Y. et al., (1996) The Econometrics of Financial Markets, Princeton University Press, New Jersey.
• Castellani, Massimiliano, Pattitoni, Pierpaolo and Patuelli, Roberto (2011) “Abnormal Returns of Soccer Teams And Event Clustering: Reassessing The Informational Value Of Bets”, The Rimini Centre for Economic Analysis, Italy, WP 11-26.
• Çam, Alper Veli (2015) “The Effects of Sporting Success on Stock Returns: An Application in Istanbul Stock Exchange”, Journal of Economics Library 2(3), 147-154.
• Deloitte (2019). Annual Review of Football Finance-Highlights, available at: https://www2.deloitte.com/uk/en/pages/sports-business-group/articles/annual-review-of-football-finance.html
• Demir, Ender and Danis, Hakan (2011) “The effect of performance of soccer clubs on their stock prices: Evidence from Turkey”, Emerging Markets Finance and Trade, 47(4), 58-70.
• Edmans Alex, Garc´ıa, Diego and Norli, Øyvind. (2007). “Sports Sentiment and Stock Returns”, The Journal of Finance 62(4), 967-1998.
• Elitaş, Cemal., Doğan, Mesut, and Karahan, Özkan (2016) “Şike Soruşturmasının Hisse Senedi Getirileri Üzerindeki Etkisi: Borsa İstanbul’da İşlem Gören Spor Kulüpleri Üzerine Bir Araştırma”,. Journal of Yasar University, 11(42), 84-101.
• Gerlach, Jeffrey R. (2011) “International sports and investor sentiment: do national team matches really affect stock market returns?”, Applied Financial Economics 21(12), 863-880.
• Gökten, Soner and Karatepe, Selim (2015) “Effects of Match-fixing Related Publications on Football Clubs' Stock Prices: An Example from Turkey”, Muhasebe ve Finansman Dergisi (68), 169-184.
• Morrow, Stephan (2003). The People’s Game. Football, Finance and Society. Springer
• Özdurak, Caner and Ulusoy, Veysel (2013) “Moneyball in the Turkish Football League: A Stock Behavior Analysis of Galatasaray and Fenerbahçe Based on Information Salience”, Journal of Applied Finance and Banking 3(4), 1-12.
• Pinnuck, Matt and Potter, Brad (2006) “Impact of On-Field Football Success on the Off-Field Financial Performance of AFL Football Clubs”, Accounting and Finance 46(3), 499-517.
• Rennebooh L.D.R. and Vanbrabant P. (2000) “Share Price Reactions to Sporty Performances of Soccer Clubs Listed on the London Stock Exchange and the AIM”, Center for Economic Research, No: 2000-19, Tilburg, France
• Samagaio, Antonio, Couto, Eduardo, and Caiado, Jorge (2009) “Sporting, financial and stock market performance in English football: an empirical analysis of structural relationships”, Centre for Applied Mathematics and Economics (CEMAPRE) Working Papers, Lisbon, Portugal, 1-41.
• Saraç, Mehmet and Zeren, Feyyaz (2013) “The Effect of Soccer Performance on Stock Return: Empirical Evidence From" The Big Three Clubs" of Turkish Soccer League”, Journal of Applied Finance and Banking 3(5), 299-314.
• Sultanoğlu, Banu, Kucukkocaoglu, Guray., and Alp, Özge Sezgin (2018) “Match-fixing in Turkish Football Super League: Fenerbahçe Case”, İşletme Araştırmaları Dergisi 10(4) 646-660.
• Tufan, Ekrem., and Hamarat, Bahattin (2014) “Has Borsa Istanbul been conceded goals by Fenerbahҫe and Trabzonspor?”, Journal of Applied Finance and Banking 4(2), 47-57.
• Uludağ, Kırkulak Berna and Sigali, Seçil (2016) “Futbol Maç Sonuçlarinin 4 Büyüklerin Hisse Senedi Getirilerine Etkisi/Impact of Sporting Performance on Financial Performance: An Analysis of 4 Big Soccer Clubs in Turkey”, Ege Akademik Bakis 16(4), 575-585.