TY  - JOUR
T1  - MONEYBALL IN THE TURKISH FOOTBALL LEAGUE REVISITED: ANOMALIES IN GALATASARAY, FENERBAHCE AND BESIKTAS STOCK RETURNS DURING COVID-19 INCIDENT
AU  - Ozdurak, Caner
AU  - Ulusoy, Veysel
PY  - 2020
DA  - June
DO  - 10.17261/Pressacademia.2020.1210
JF  - Journal of Economics Finance and Accounting
JO  - JEFA
PB  - Suat TEKER
WT  - DergiPark
SN  - 2148-6697
SP  - 155
EP  - 165
VL  - 7
IS  - 2
LA  - en
AB  - Purpose - In this paper, we focus on the news impact analysis of the club stock returns. Galatasaray, Fenerbahçe and Beşiktaş stock prices skyrocketed in the last 3 months right after the suspension of leagued due to pandemic since they were not supported with the financial results of the clubsMethodology - We investigate the anomalies observed in the pandemic for three big football club stock returns by utilizing EGARCH models and News Impact CurvesFindings- According to our EGARCH models we find that in Covid-19 period news impact persistency significantly increased for all three big club stock volatilities. Moreover, News Impact curves showed us in Covid-19 period the behavior of Fenerbahçe and Beşiktaş volatility changes. In the pandemic period after suspension of Turkish Football League bad news has more impact on Fenerbahçe and Beşiktaş stock volatilityConclusion- Since the leagues are suspended due to Covid-19 pandemic, and weak financial performances of all teams also do not support the stock price performances there is no fundamental explanation for this hike experienced in the last 3 months. This result confirms our first study conclusion which is sporting performances, excluding the unexpected wins, do not have any impact on the volatility of listed football clubs.
KW  - Turkish Football League
KW  - Covid-19
KW  - news impact curves
KW  - Tobin’s Q
KW  - Galatasaray
KW  - Fenerbahce
KW  - Besiktas
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UR  - https://doi.org/10.17261/Pressacademia.2020.1210
L1  - https://dergipark.org.tr/en/download/article-file/1172002
ER  -