Incorporation and initial public offering processes of football clubs: the effect of public disclosure platform notifications to stocks: The example of Beşiktaş

This study aims at examining the process of incorporation and initial public offering processes of football clubs in detail and evaluating the effect of positive and negative Public Disclosure Platform notifications instead of the sporting results which are frequently found in the literature on the stock of Beşiktaş Futbol Yatırımları Sanayi ve Ticaret A.Ş. This effect is examined by using the event analysis method by considering the data between 2009-2019. It is examined whether Public Disclosure Platform notifications caused an abnormal return on the company stock. The data used in the study is obtained from the databases of the public website of Public Disclosure Platform and Thomson Reuters. PDP notifications between 2009 and 2019, closing prices of Beşiktaş Futbol Yatırımları Sanayi ve Ticaret A.Ş. stocks and BIST 100 Index are the data of the study. While examining the impact of PDP notifications on stock, positive and negative notifications are analyzed separately. As a result of this study, it is concluded that significant abnormal returns cannot be obtained with some exceptions and that this market is not "a semi-strong form efficient market". In addition, considering the other studies in the literature, it can be concluded that investors are focused on match results rather than taking into account PDP notifications in stock pricing. Key Words: Football, Incorporation, Initial Public Offering, PDP Notifications, Event Study