Soccer and stock market risk: empirical evidence from the Istanbul Stock Exchange.
There is an emerging but important literature on the effects of sport events such as soccer on stock market returns. After a soccer team's win, agents discount future events more favorably and increase risk tolerance. Similarly, after a loss, risk tolerance decreases. This paper directly assesses risk tolerance after a sports event by using daily data from the three major soccer teams in Turkey (Beşiktaşç Fenerbahge and Galatasaray). Results provide evidence that risk tolerance increases after a win, but similar patterns were not found after a loss.
Department of Economics, Bilkent University, Ankara, Turkey.
M Hakan
MH
Berument
Nildag Basak
NB
Ceylan
D003132:Commerce / Q000706:statistics & numerical data*; D006801:Humans; D012306:Risk; D012916:Soccer / Q000706:statistics & numerical data*; D014421:Turkey