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      • Faculty of Economics, Administrative And Social Sciences
      • Department of Economics
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      Football and the risk-return relationship for a stock market: Borsa Istanbul

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      Author
      Berument, Hakan
      Ceylan, N. B.
      Onar, B.
      Date
      2013
      Source Title
      Emerging Markets Finance and Trade
      Print ISSN
      1540-496X
      Electronic ISSN
      1558-0938
      Publisher
      Routledge
      Volume
      49
      Issue
      2
      Pages
      19 - 30
      Language
      English
      Type
      Article
      Item Usage Stats
      152
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      143
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      Abstract
      We hypothesize that results of football (soccer) teams affect the risk perception of people. People choose riskier investments after a win and less risky investments after a loss; this leads to higher (lower) returns in the stock market. These hypotheses are tested for the international matches of Turkey's three most popular teams (Beşiktaş, Fenerbahçe, and Galatasaray). The empirical findings suggests that the teams' wins led to higher asset returns and lower risk aversion on the following business day of the Borsa Istanbul and lower returns and higher risk aversion after a loss or a tie. © 2013 M.E. Sharpe, Inc. All rights reserved.
      Keywords
      Behavioral finance
      Football
      Psychology
      Stock market returns
      Permalink
      http://hdl.handle.net/11693/21045
      Published Version (Please cite this version)
      http://dx.doi.org/10.2753/REE1540-496X490202
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      • Department of Economics 649
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