“…Berument and Yucel (2005) found that when Fenerbahce won a game in a European competition, the growth rate of Turkish industrial output increased, while Berument, Ceylan and Gozpinar (2006) found that a win by Besiktas in European competition led to a rise in the Turkish stock market. Football results have also been shown to influence the medical, social and political behaviour of supporters (Carroll et al, 2002, Kaplanski and Levy, 2008, Kirkup, 2003, Wilbert-Lampen, 2008, Witte et al, 2000. This raises the possibility that results may affect the club's share price indirectly via non-economic routes, as well as by a direct effect on the club's cash flows.…”