Wpływ wyników sportowych na kurs akcji sportowych spółek akcyjnych – studium przypadku Ajaxu Amsterdam i Fenerbahce Stambuł

Abstract

In 1983 Tottenham Hotspurs became the first football club in Europe, whose shares have traded on the stock exchange. Since then, many football clubs, mostly in England, decided to allocate their shares for public offering. In the early 90’s Twentieth century, when the shares of football clubs were floated on the stock exchange, investors eagerly bought them hoping for a high rate of return. As it subsequently turned out, most of them suffered a clear loss. The main objective of the football club is not to maximize financialprofits, but to achieve the best results in sport competition. This is a key factor differentiating sports clubs from typical commercial enterprises. From the perspective of fans, football clubs were and will remain a social or cultural institutions, but not a business companies. The main objective of this paper is to investigate the impact of sports results on the share prices of sports joint-stock companies. For research purposes a hypothesis assumes that „the achievement by the football clubs satisfactory sports results contribute to increasing the prices of their shares”. In order to verify the above hypotheses examined sports achievements of Dutch Ajax Amsterdam and Turkish Fenerbahce Istambul in the national football leagues in the season 2010/2011. Then reference sports scores obtained by these clubs and confronted them with changes of their share prices during the analyzed period.