Futbolcu Transferlerinin Hisse Senedi Fiyatlarına Etkisi: Stoxx Avrupa Futbol Endeksi Üzerine Bir Analiz

Binali Selman Eren

doi:10.37880/cumuiibf.1070061

EN TR

The Impact of Soccer Player Transfer on Stock Prices: An Analysis on the Stoxx European Football Index

Abstract

In this study, the reaction of investors (for the stock of football clubs) to the official transfer (acquisition) agreement announcements of 14 football clubs traded in the STOXX European Football Index is analyzed. In this direction, a total of 394 soccer player transfer announcements of 14 football clubs for the 2010-2011 and 2021-2022 seasons and equal to or above 5 million Euro are included in the analysis. In the study, the reaction of investors to stocks is analyzed by event study method. In this direction, cumulative average abnormal returns (CAAR) are calculated for a total of 11 different event windows. Unlike studies in the literature, CAAR values are evaluated according to parametric and non-parametric test statistics. CAAR values are calculated on the transfer numbers and sizes for some teams in three different groups, and for some teams in one and two different groups. The results of the analysis confirm that investors have mixed (negative or positive) reactions to the transfer announcement of each football club. When the results of the analysis is generally evaluated, it is seen that the transfer of soccer players who are high (low) for all teams are higher (low) response (negative or positive) of investors to the transfer announcements of soccer players.

Keywords

Futbolcu Transferlerinin Hisse Senedi Fiyatlarına Etkisi: Stoxx Avrupa Futbol Endeksi Üzerine Bir Analiz

Öz

Bu çalışmada STOXX Avrupa Futbol Endeksinde işlem gören 14 futbol kulübünün transfer (satın alma) duyurularına yatırımcıların (futbol kulüplerinin hisse senedi için) tepkisi analiz edilmiştir. Bu doğrultuda toplam 14 futbol kulübünün 2010-2022 yılları arasında 5 milyon Avroya eşit veya üzerinde olan toplam 394 futbolcu transfer duyurusu analize dâhil edilmiştir. Çalışmada hisse senetlerine yatırımcıların tepkisini ölçmek için olay çalışması (event study) yöntemi kullanılmıştır. Bu doğrultuda toplam 11 farklı olay penceresinde birikimli ortalama olağanüstü getiriler (CAAR) hesaplanmıştır. Literatürdeki çalışmalardan farklı olarak, CAAR değerleri parametrik ve parametrik olmayan test istatistiklerine göre değerlendirilmiştir. CAAR değerleri bazı takımlar için transfer sayılarına ve büyüklüklerine göre üç farklı grupta, bazı takımlar için bir ve iki farklı grupta hesaplanmıştır. Analiz sonuçları her futbol kulübünün transfer duyurusuna yatırımcıların karışık (negatif veya pozitif) tepkiler verdiğini doğrulamaktadır. Analiz sonuçları genel olarak değerlendirildiğinde, tüm takımlar için bonservis bedeli yüksek (düşük) olan futbolcuların transfer duyurularına yatırımcıların daha yüksek (düşük) tepki (negatif veya pozitif) verdiğini göstermektedir.

Anahtar Kelimeler

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Details

Primary Language

Turkish

Subjects

Finance , Business Administration

Journal Section

Research Article

Authors

Binali Selman Eren ^*
0000-0001-5136-6406
Türkiye

Publication Date

October 16, 2022

Submission Date

February 8, 2022

Acceptance Date

July 7, 2022

Published in Issue

Year 2022 Volume: 23 Number: 4

DOI

https://doi.org/10.37880/cumuiibf.1070061

IZ

https://izlik.org/JA39LH28CT

Cite

RIS / Bibtex

APA

Eren, B. S. (2022). Futbolcu Transferlerinin Hisse Senedi Fiyatlarına Etkisi: Stoxx Avrupa Futbol Endeksi Üzerine Bir Analiz. Cumhuriyet Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 23(4), 800-818. https://doi.org/10.37880/cumuiibf.1070061

Cited By

“Transfer Çalımı” Niteliğindeki Futbolcu Transferlerinin Hisse Senedi Fiyatlarına Etkisi: Türkiye Süper Ligi 2022-2023 Sezonu

Hitit Sosyal Bilimler Dergisi

https://doi.org/10.17218/hititsbd.1391436