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

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