Futbol Karşılaşma Sonuçları Çerçevesinde Spor Kulüplerinin Hisse Getirileri Üzerindeki Bulaşıcı ve Rekabetçi Etki Varlığının Test Edilmesi: Türkiye Örneği

Bu çalışma, hisseleri Borsa İstanbul (BİST)da işlem gören Beşiktaş, Fenerbah- çe, Galatasaray ve Trabzonsporun, kendi aralarında oynadığı maçlar hariç ol- mak üzere, Spor Toto Süper Lig futbol karşılaşmalarından aldıkları sonuçların, birbirlerinin hisse getirileri üzerindeki etkisini inceleyerek BİST spor hizmetleri sektöründe bulaşıcı ve rekabetçi etkinin varlığını test etmeyi amaç edinmiştir. Çalışmada, 2009-2010 ve 2010-2011 sezonlarında ilgili spor kulüplerinin futbol karşılaşmalarından aldıkları toplam 224 adet maç sonucu ile 2009-2011 yılları arasında BİST-100 endeksinin ve ilgili spor kulüp hisselerinin toplam 3.775 adet günlük kapanış fiyatı, veri olarak kullanılmıştır. Veriler olay çalışması yöntemi kul- lanılarak analiz edilmiş ve analiz sonucunda, BİST spor hizmetleri sektöründe rekabetçi etkinin varlığı tespit edilmiştir. Çalışma, BİST spor hizmetleri sektörün- de bulaşıcı ve rekabetçi etkinin varlığını test eden ilk çalışma olmaya da adaydır.

Testing the Presence of Contagion and Competitive Effect on Sport Clubs Stock Returns around Soccer Match Results: Evidence from Turkey

The aim of this study is to test the presence of contagion and competitive effect on ISE sports services sector by investigating the effect on each others stock returns of match results which were taken from Spor Toto Super League soc- cer matches -except for matches played between each other- by Besiktas, Fe- nerbahce, Galatasaray and Trabzonspor which are traded on ISE. In this study, 224 match results which were taken from soccer matches by related clubs in 2009-2010 and 2010-2011 football seasons and 3.775 daily closing prices of ISE-100 and sports clubs stocks between 2009 and 2011 are used as data. The data were analyzed by using event study method and the results of analysis re- veal that there is a competitive effect on ISE sports services sector. This study is a candidate to be the first study testing the presence of contagion and competiti- ve effect on ISE sports services sector.

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