The effect of Trabzonspor's sporting successes on stocks and fan tokens

The aim of this study is to examine the relationship between Trabzonspor's sporting achievements and stock and fan token prices traded in Borsa Istanbul through structural break models. For this, Zivot-Andrews unit root test with structural break was applied first and it was determined that the series were stationary under some conditions and not stationary under some conditions. After the Zivot-Andrews unit root test, Gregory-Hansen cointegration analysis was performed and it was concluded that the series were cointegrated under structural break. The cointegration found shows that there may be at least one causality relationship between the series. As a result of the Granger causality analysis, a one-way causality relationship was determined from the defeat variable to the Trabzonspor Football Club stock variable. A one-way causality relationship was found from loss and victory variables to Trabzonspor Football Club fan token variable. Keywords: Trabzonspor, Stock, Fan Token, Sporting Success, Structural Break.