Performance of soccer on the stock market: Evidence from Turkey

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Date

2006

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Routledge Journals, Taylor & Francis Ltd

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Tourism Management
The aim of Atılım University Department of Tourism Management is to train tourism managers who are able to compete at an international level by offering quality education opportunities. Graduates employed as managers in the fields of accommodation, travel, catering, gastronomy, transportation, congress, conference organization begin their professional life while they are still interns. The academic staff consists of faculty members who are experts in their field, as well as sector professionals. With five years of education including the preparatory English courses offered, the courses of the department are in English. The course program consists of applied and theoretical courses devised with respect to the global trends in tourism. Students perform their internship studies at hotel chains, A-Class travel agencies and professional tourism companies. Our Department is in contract with universities abroad within the scope of the Erasmus student Exchange program. With its quality of education documented by TURAK (Tourism Education, Evaluation and Accreditation Board), Atılım university Department of Tourism Management is the first undergraduate program in Turkey to hold the accreditation.

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Abstract

This paper assesses the effect of soccer success on stock market returns for three major Turkish teams (Besiktas, Fenerbahce and Galatasaray) after certain characteristics of the stock market are controlled for. The empirical evidence presented here suggests that Besikta'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. (c) 2006 Elsevier Inc. All rights reserved.

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30

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Volume

43

Issue

4

Start Page

695

End Page

699

URI

https://doi.org/10.1016/j.soscij.2006.08.021
 https://hdl.handle.net/20.500.14411/1176

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