Investing in shares of Europe football clubs: Definitely, an alternative investment

Abstract

This study is based on the analysis of the football clubs shares that make up the STOXX Europe Football Index as risk-diversifying assets. All football clubs are listed on a stock exchange in Europe or Eastern Europe, Turkey, or the EU-Enlarged region. To do this, we will demonstrate through the autocorrelation matrix and the Bayesian Network Analysis that the STOXX Europe Football Index is not correlated with the European Stock Market Index. The results of the study show that the STOXX Europe Football Index is not correlated with the European Stock Market Index, and it will act as alternative investment. The analysis shows that these alternative assets could be included in an investment portfolio with the aim of diversifying them, thereby reducing their overall risk.