COVID-19’un Avrupa Futbol Kulüplerinin Hisse Senedi Getirileri Üzerindeki Etkileri: Olay Çalışması Analizi

Öz

COVID-19 salgını tüm dünyada büyük mali sorunlar yaratmıştır. Futbol endüstrisi de bu büyük küresel krizden olumsuz yönde etkilenmiştir. Salgın yüzünden tüm ligler belirli bir süre ertelenmiştir. Özellikle TV, bilet satış ve reklam gelirlerine bağlı olan futbol kulüpleri önemli ölçüde zarar görmüştür. Bu durumun futbol kulübü hisse senetlerinin getirilerine yansıması kaçınılmazdır. Bu çalışmanın amacı COVID-19 salgınının Avrupa borsalarında işlem gören tüm futbol kulübü hisse senetlerine getirisine etkisini incelemektir. Bu amaç doğrultusunda yöntem olarak olay çalışması seçilmiştir. Olay günü olarak da Dünya Sağlık Örgütü’nün COVID-19’u küresel bir salgın gün ilan ettiği 11 Mart 2020 tarihi belirlenmiştir. Elde edilen sonuçlara göre, kısa dönem penceresinde tüm futbol kulübü hisse senetlerinin pandemi ilan tarihi öncesi beş ile sonrası beş gün arası kümülatif anormal getiri ortalaması (CAAR) negatif gerçekleşmiştir. Bu tarihler arası futbol kulüplerinin CAAR ortalaması -%14,21 ile -%103,13 arası değişmektedir. On dokuz kulübün ortalaması -%46,56’dır. Uzun dönem penceresinden yani olay günü sonrası altıncı gün ile otuz altıncı gün arası CAAR -%5,00 ile %60,78 arasında gerçekleşmiştir. Bu pencerede kulüplerin ortalaması %24,90’dır. Çalışmada ayrıca futbol kulübü hisse senetleri ülke ulusal endeksleri ile kıyaslanmıştır. Ülke futbol kulübü hisse senetleri ortalama getiri kayıpları kısa dönem penceresinde ülke ulusal endeks getirilerine göre daha fazladır. Ancak uzun dönem penceresinde bunun tam tersi durum söz konusudur. Bununla birlikte futbol kulübü hisse senetlerinin getiri oynaklıkları ülke ulusal endekslerine göre daha fazladır. Bu durum da futbol kulübü hisse senetlerini riskli hisse senetleri olduğunu ortaya koymaktadır. Ayrıca, anormal getirilerin varlığı futbol hisse senetleri piyasasının kriz dönemlerinde etkinlikten uzak olduğunu da göstermektedir.

Anahtar Kelimeler

• COVID-19 salgını
• Futbol Kulübü Hisse Senetleri
• Avrupa Borsaları
• Olay Çalışması Yöntemi
• Etkin Piyasalar Hipotezi

Effects of COVID-19 on Stock Returns of European Football Clubs: An Event Study Analysis

Öz

The COVID-19 pandemic has created major financial problems all over the world. The football industry has also been negatively affected by this global crisis. Due to the epidemic, all leagues have been postponed for a certain period of time. In particular, football clubs, which depend on TV, ticket sales and advertising revenues, have suffered significantly. It is inevitable that this situation will be reflected in the returns of football club stocks. The aim of this study is to examine the effect of the COVID-19 epidemic on the return of all football club stocks traded in European stock markets. For this purpose, event study was chosen as the method. 11 March 2020, when the World Health Organization declared COVID-19 a global epidemic day, was determined as the event day. According to the results, the cumulative abnormal average return (CAAR) of all football club stocks was negative between five days before and five days after the pandemic declaration date. The CAAR of football clubs between these dates varies between -14.21% and -103.13%. In the long-term window, between the sixth day and the thirty-sixth day after the event day, the CAAR was between -5.00% and 60.78%. In the study, football club stocks were also compared with country national indices. The average return losses of country football club stocks are higher than the country national index returns in the short-term window. However, the opposite is true in the long-term window. In addition, the existence of abnormal returns during the crisis also shows that the football stock market is not an efficient market.

Anahtar Kelimeler

• COVID-19 Outbreak
• Football Club’s Stocks
• European Stock Exchanges
• Event Study Analysis
• Efficient Market Hypothesis

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