Soccer and Stock Market Risk: Empirical Evidence from the Istanbul Stock Exchange
Psychological Reports, Vol.112, No.3, pp.763-770
Posted: 29 Jul 2018
Date Written: 2013
Abstract
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 (Beşiktaş, Fenerbahçe and Galatasaray). Results provide evidence that risk tolerance increases after a win, but similar patterns were not found after a loss.
Suggested Citation: Suggested Citation
Berument, Hakan and Ceylan, Nildag, Soccer and Stock Market Risk: Empirical Evidence from the Istanbul Stock Exchange (2013). Psychological Reports, Vol.112, No.3, pp.763-770, Available at SSRN: https://ssrn.com/abstract=3210236
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