… This paper reports the estimates of an empirical exercise that ties the success of Turkey's
three major soccer 1 teams (Beşiktaş, Fenerbahçe and Galatasaray), each having a more or
less equal number of fans across the country, to stock market returns by using the daily data
from Turkey from July 3, 1987 to November 10, 2006. The hypothesis that we tested in this
paper is whether the returns on the Istanbul Stock Exchange (ISE) can be associated with
the wins of teams and the strength of the emotional ties that supporters who happen to be …