Özet:

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.

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