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      Football and exchange rates: empirical support for behavioral economics

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      Author
      Eker, G.
      Berument, H.
      Dogan, B.
      Date
      2007
      Source Title
      Psychological Reports
      Print ISSN
      0033-2941
      Electronic ISSN
      1558-691X
      Publisher
      Sage Publications, Inc.
      Volume
      101
      Issue
      2
      Pages
      643 - 654
      Language
      English
      Type
      Article
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      Abstract
      Recently, economic theory has been expanded to incorporate emotions, which have been assumed to play an important role in financial decisions. The present study illustrates this by showing a connection between the sports performance of popular national football teams (Besiktas, Fenerbahce, and Galatasaray) and performance of the Turkish economy. Specifically, a significant positive association was found between the success of three major professional Turkish football teams and the exchange rate of the Turkish lira against the U.S. dollar. The effect of the football success of several Turkish football teams on the exchange rate of the Turkish lira was examined using the simultaneous multiple regression model with predictor measures of wins, losses, and ties for different combinations of teams to predict the depreciation rate of the Turkish lira between the years 1987 and 2003. Wins by Turkish football teams against foreign (non-Turkish) rivals increased with exchange rate depreciation of the Turkish lira against the U.S. dollar. © Psychological Reports 2007.
      Keywords
      Comparative study
      Empirical research
      Football
      Statistical model
      United States
      Economics
      Turkey
      Permalink
      http://hdl.handle.net/11693/23366
      Published Version (Please cite this version)
      https://doi.org/10.2466/PR0.101.2.643-654
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