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Dissertations / Theses on the topic 'Finance in Football'
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1
Contreras, Anthony. "An Exploration into the Influence on Share Prices for Publicly Traded Football Clubs." Scholarship @ Claremont, 2015. http://scholarship.claremont.edu/cmc_theses/1157.
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The present paper explores the effects player transfers have on share price for publicly traded football clubs in Europe. The study utilizes two samples: one English sample from 1997—2004, and another more contemporary European sample from 2007—2014. Preliminary analysis assesses share price links with team performance, financial variables, and two STOXX indices. Further analysis includes 12 event studies testing for abnormal returns resulting from player transfers. Of these 12 event studies, half of the transfers yield abnormal returns. Though results varied, there remains ample evidence from this paper for academics to further study the topic of player news and share prices for publicly traded football clubs.
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Rowbottom, Nick. "Intangible asset accounting and accounting policy selection in the football industry." Thesis, University of Birmingham, 1999. http://etheses.bham.ac.uk//id/eprint/899/.
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The main aim of this thesis is to evaluate the feasibility of intangible asset accounting in financial reporting with particular reference to the football industry. It also examines related accounting policies. Lack of reliable measurement is the major obstacle to the recognition of intangible assets. The measurement of intangible assets is problematic due to a lack of verification through reference to an active market. However, drawing on Human Resource Accounting, the thesis argues that identifying and measuring human resource assets may be possible in the football industry. The human resource asset, the player registration, is subject to sufficient control through unique industry structures to justify recognition as an intangible asset. The existence of an active market for player registrations facilitates reliable measurement. In the football industry, a wide variety of accounting policies are employed in accounting for player registrations and other material transactions. Hypotheses regarding the reasons for selecting particular accounting policies are developed and tested. Findings suggest that institutional pressure which influences perceptions of legitimacy and credibility can affect the selection of accounting policies. The thesis also develops and tests a model to value player registrations as intangible assets where they are not subject to market transactions. The ability to reliably measure intangible assets is regarded as crucial to their recognition in financial reporting. In addition, it will lead to the acceptance of intangible asset policies as legitimate and credible, despite the market orientated bias of traditional financial reporting.
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Kolyperas, Dimitrios. "Corporate and social responsibility in professional football club organizations." Thesis, University of Stirling, 2012. http://hdl.handle.net/1893/9207.
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While professional football clubs are facing increasing pressures to balance their business with social goals, an important unanswered question is whether these rather stakeholder-oriented organizations understand the nature and impact of corporate and social responsibility (CSR). Research has yet provided little information on how football clubs perceive and react to CSR. This thesis examines how three important aspects of CSR (communication, development and integration with other strategies) evolve across different football clubs and cultures. Because specific clubs may have unique social responsibilities attributed to them, the current study is not limited to one industry and one particular club / segment. It rather contains three complementary case studies and explores CSR activities associated with an overall 38 professional football clubs residing in a pan-European, national (league), and organizational context respectively. Specifically, the primary international analysis reveals that while most football clubs communicate various CSR efforts, these activities primarily refer to ten distinct areas. These areas, as well as prior literature, served as the framework for the development of an international football CSR typology. In addition, qualitative results gathered from a second study across football clubs from the same national context sought to determine the moderating role of national business system characteristics (i.e. legislations, socio-political drivers, internal and external barriers, and phases of CSR development). The results of a third study generally supported the aforementioned contentions providing additional information on the strategic benefits more integrative CSR can offer. Synthesizing outcomes and findings from three complementary studies, this thesis develops a conceptual model that brings together the two different views of the modern CSR debate. This conception theorises CSR as being a legally, socially and organizationally constructed umbrella positioned over the corporate organization. On one hand, CSR is an umbrella protection to cover up corporate irresponsibility, window-dress illegitimate actions, and distract public attention from sensitive business issues. On the other hand, more collaborative, planned, participative and long-term involvement to CSR activity can turn the umbrella model upside down and provide a collector of public support, or a battery where public benevolence can be stored and reused for future purposes. These findings are discussed in the context of contributions to the field of sport management and marketing, practitioners within the football industry, and scholars pursuing a research agenda in the area of CSR and sports. Future research suggestions are forwarded.
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Ezzeddine, Moussa. "Pricing football transfers : determinants, inflation, sustainability, and market impact : finance, economics, and machine learning approaches." Thesis, Paris 1, 2020. https://ecm.univ-paris1.fr/nuxeo/site/esupversions/04b54a9e-f462-42c1-b567-4864dbaae12f.
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Chaque année, le marché des transferts fait la une des journaux à cause des prix astronomiques payés par les grands clubs de football pour s'acheter des stars. Le montant payé par le club est supposé être une estimation de la valeur du joueur sur le marché. L'objectif de cette thèse est donc de déterminer les facteurs significatifs impactant le modèle de valorisation des joueurs. Pour ce faire, nous exploitons une base de données contenant 87 000 transferts et plus de 200 000 salaires avec deux types de variables ; une variable contenant des données statistiques sur chaque joueur pour les deux saisons précédentes, l'autre contenant une synthèse de notes données par les experts. Ce travail a été réalisé à partir d'un modèle de valorisation hédonique et de trois algorithmes de Machine Learning pour estimer les facteurs les plus importants dans la détermination de la valeur d'un joueur. Bien que perfectible, ces modèles sont capables de prédire les fonctions de prix des transferts et des salaires associés. Enfin, un modèle de marché a été implémenté pour déterminer l'effet des transferts, des résultats inattendus de matchs et de la Covid-19 dans la valeur d'un club de football. Ces recherches ont permis de fournir des explications prometteuses à propos des différentes segmentations sur le marché des transferts et l'impact de ces derniers sur la fluctuation de la valeur de certains clubsEach year new transfer market news tops headlines due to the astronomical prices paid to recruit a superstar by top football clubs. The money paid by the buying club is assumed to be an estimate of the market value of the transferred player. Thus, the challenge is to determine the significant factors that affect the pricing function of a football player. In this research, a large data set has been extracted containing more than 87,000 transfers and more than 200,000 wage observation alongside two sets of variables; one contains real statistics of each player from the previous two seasons, while the other contains synthetic scores given by experts. This work has made use of one hedonic pricing function and three machine learning algorithms to estimate the most important factors affecting the financial value of the player. Albeit imperfect, but the models can predict the pricing functions of the transfer fees and wages with different promising precisions. Finally, a market model has been carried out to determine the effect of transfers, surprising match results, and COVID-19 on the market value of a football club. The overall findings were promising as they have provided interesting explanations about the different segmentations in the transfer market and the effectivity of transfers on the fluctuations of the share values of certain clubs
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Baah-Nuakoh, Kwame A. "Financial regulation of professional football in Ghana." Thesis, University of Stirling, 2013. http://hdl.handle.net/1893/19278.
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Football clubs have multiple stakeholders sometimes with different and conflicting objectives. If a club concentrates solely on achieving sporting success at the expense of its financial objectives, it risks jeopardizing its long-term stability, which may affect the sporting integrity of the league as a whole. The behaviour of one club potentially has externality implications for other stakeholders which cannot always be internalised. There is therefore the need for regulation of the pre-emptive type to avert such negative consequences for clubs. FIFA has requested all member associations to implement club licensing to improve upon professionalism in management and to ensure long-term stability of club football. This thesis picks up on this theme to review the financial regulatory system in Ghana, obtain lessons from other jurisdictions and develop an incentive-based context-specific Football Financial Clearinghouse framework that is applicable in Ghana. The thesis employs a mixed-method research approach to evaluate the financial disclosure, position and performance of professional football clubs in Ghana, utilising critical reviews, interviews, focus group discussions and questionnaires to answer specific research questions. The empirical analysis in this thesis shows that financial licensing and monitoring needs to be complemented by the provision of incentives and support services to clubs to achieve optimal regulatory compliance. The key incentive in the specific case of Ghana is to ensure regulated access to credit. This thesis makes four significant contributions to knowledge by showing that: Ghanaian football clubs are in a difficult financial situation; there is an appetite for change amongst Ghanaian football’s stakeholders for a new financial regulatory framework; the existing financial regulatory frameworks, especially in Europe, are not applicable in the Ghanaian context as they were made for a different jurisdiction; and that the FFC framework would be an appropriate context-specific framework to deal with the financial regulation of Ghanaian football clubs.
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Cox, Adam John. "An economic analysis of spectator demand, club performance, and revenue sharing in English Premier League football." Thesis, University of Portsmouth, 2016. https://researchportal.port.ac.uk/portal/en/theses/an-economic-analysis-of-spectator-demand-club-performance-and-revenue-sharing-in-english-premier-league-football(be4c9045-e4cb-4d75-96b7-2ebe80c160b8).html.
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Since its creation in 1992, the Premier League has sold exclusive media rights for live football matches to broadcasters on behalf of member clubs. The collective selling method removes any price competition between the clubs, whom would otherwise compete against each other to sell rights to their matches (commonly seen in other European Leagues). A key issue with monopoly power is that the Premier League could distort the market for its product or abuse its dominant position in the market as the sole seller of the rights (contrary to Article 101 and 102 of the Treaty of the European Union). In defence, the Premier League argued that matches broadcast live on television can be considered as a substitute for watching at the stadium. A Competition Commission investigation concluded that the potential benefits of collective selling arrangements are for the redistribution of revenue to promote solidarity at all levels of football. After some amendments to the auction process, collective selling continues. Contributing to the applied industrial economics literature, this thesis examines the key arguments for using collective selling methods in the Premier League. Results from empirical economic analysis find firstly, that there is no evidence to suggest a negative impact on match day revenue from live broadcasting and the revenues from rights sales heavily outweigh such an impact. Secondly, that sharing revenue between clubs will only enhance solidarity (competitive balance) if the amount shared is much larger than at present, however, a greater uncertainty of match outcome reduces demand for spectating at the stadium whilst increasing demand for television viewing. Finally, the impact of investment in talent is far greater for weaker teams whilst participating in the Champions League and Europa League has no impact on domestic league performance. This thesis concludes that the Premier League should offer a greater number of rights to broadcast matches and should increase the amount of revenue shared (including revenues from European Competitions) in order to increase competitive balance. This would increase the number of television viewers for live football broadcasts but would likely reduce the numbers of fans spectating at the stadium.
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Acker, Enrico. "The personal financial management attitudes and practices of South African rugby players." Thesis, Nelson Mandela Metropolitan University, 2016. http://hdl.handle.net/10948/11363.
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When rugby became professional in 1995, both the game and the social and financial position of the players changed (Basson, 2003). Players started to train full-time and earned annual salaries (Goldman& Johns, 2009). Due to the transition from amateur to professional status, rugby players needed to make adequate personal financial management decisions. The purpose of this study is to investigate the personal financial management attitudes and practices of South African rugby players. Previous research about personal financial management largely focussed on the general public, and did not focus on South African rugby players. Rugby is a professional sport where players earn money from a young age. It is expected of rugby players to make adequate personal financial decisions from as early as 19 years old. The literature review provided an overview of personal financial management and a discussion on the various components that should be included in personal financial management. A framework for this study was developed. The framework used these components as the base for the personal financial attitudes and practices and how it relates to the demographics of the respondents. Three hypotheses were also formulated based on the literature overview and framework. The objectives of this study were achieved by adopting a quantitative research methodology. A convenience sample of 132 rugby players was drawn for this study. Rugby players from NMMU Madibaz, Eastern Province Rugby Union (EP), South Western Districts Rugby Union (SWD) and Sharks Rugby Union participated in this study. The results of the empirical survey showed that respondents have positive attitudes towards the importance of budgeting, retirement planning, risk management, debt management and investment and the importance of employing a financial planner. On the other hand the personal financial management practices of the respondents in this study can be described as weak. From the results of the empirical survey it is clear that the respondents have weak practices towards the majority of the personal financial management practices. Only one of the three hypotheses was accepted namely that there is a relationship between the demographics of rugby players and their personal financial practices. There is no relationship between personal financial management attitudes and personal financial management practices of South African rugby players and that there is also no relationship between demographic variables and personal financial management attitudes of South African rugby players. This study has provided insight into the personal financial management attitudes and practices of South African rugby players. Valuable information was obtained that could help to address the personal financial management needs of rugby players.
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Malinowski, Mateusz. "Capital Market Efficiency : an event study on the incorporation of football transfers." Thesis, Högskolan Kristianstad, Sektionen för hälsa och samhälle, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:hkr:diva-12770.
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We live in an era where internationalization and globalization are two extremely attractive concepts. People aim to create a society where limits and restrictions are erased and a thriving society is a reality. Numerous transformations have occurred in order to realize this and one of the most vital ones is the globalization of the economy. The globalization was made possible through the discovery on the capital market. This market enables people to trade with each other, no matter place or time. Thus, a more efficient solution is offered for rapid and significant transfers such as loans and investment. According to various researchers, the capital market determines, in a way, which company will grow and which will stagnate in development. However, the capital market needs to be efficient in order to offer the services intended. The aim of this dissertation is to explain how efficient the capital market is when incorporating information regarding football player transfers. By examining the empirical findings, it will also be able to establish if assets of the same market value cause different share price fluctuations depending on if they are acquired or sold.
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Correia, Diogo Guilherme Câmara. "Is the stock market influenced by the results of national football teams?" Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/12648.
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Mestrado em FinançasEste estudo analisa o efeito do humor dos investidores no mercado bolsista. Nos últimos anos muitos autores encontraram uma relação entre desporto e humor e, tendo por base essas descobertas, decidimos utilizar os resultados dos jogos das selecções nacionais de futebol como variável de humor. Concluímos que a média dos retornos diários após dias de jogo é inferior à que se verifica nos dias subsequentes a dias em que não foram disputados jogos e que as derrotas têm um impacto estatisticamente significativo nos retornos após dias de jogo.
This study analyzes the effect of investors' mood in the stock market. In the past years many authors found a relationship between sports and mood and, motivated by those findings, in our study we use international football as a variable of mood. We conclude that the daily mean returns after game days are lower than the ones after no game days and that losses have a statistical significant impact in the returns that follows a game day.
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Seth, Sharan. "The Effects of Managerial Turnover on Share Prices Of Publicly Traded English Football Teams." Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/cmc_theses/1378.
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This paper explores the effects of managerial changes on the share prices of publicly traded football teams in England. Using data from 9 publicly traded teams during 1992- 2016, 21 managerial changes were analyzed through an event study analysis. Events were categorized as sackings or resignations, and the hypotheses for each were laid out differently. The results indicated that two of the managerial sackings generated negative abnormal returns prior to the sacking and positive abnormal returns after the change of manager. The study also identifies the difficulties in the study of football teams’ share prices due to their illiquidity and identifies improvements that can make further research in this topic more accurate.
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Rylander, Vincent, and Petrus Lempinen. "Do finances explain performance? : Relationship between financial performance and sports performance in Premier League and Allsvenskan." Thesis, Umeå universitet, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-173038.
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The topic of finance in football have drawn a great deal of attention, not least in the last twenty-five years. While many see football simply as a game, set up to amuse spectators or as a way for athletes to compete for becoming the number one, football has more to it than meets the eye. By introducing alternative rulings for labour, the football industry set of to become increasingly competitive and created opportunities for substantial financial advancements. Today, football has become an industry worth studying in its own right, not least in the sense of financial elements that has become central topics when assessing and evaluating performance. This study has been inspired by the growing competitive landscape we today observe when dealing with European football. Correspondingly, this study will examine how the financial part of football teams correlate with the sportive part. The study follows previous research such as Szymanski (1998) and and Ferri et al. (2017) in the sense of taking a closer look at what impact the financial performance has on sport performance. Although, previous research contains vital information regarding the connection between the two, this study will further contribute to the subject. This study somewhat differentiate itself from others by taking on an approach as comparative in the context of different leagues. By looking at the Swedish Allsvenskan and the English Premier League, this study seeks to see what differ between the two. The study was made by collecting financial data together with assessing the final league table position in order to investigate if correlation could be found and to what extent the two leagues differ in the context of financial impact on sports performance. The findings of this study were mixed in the sense of expectations where significant relationships could be found for numerous variables but not entirely in line with previous research (Ferri et al., 2017). The two leagues also possessed different characters in the context of results, which the authors believe can be due to factors such as the size of clubs and investment opportunities. By presenting an alternative approach to the research field, the authors believe that this study can be of interest to those willing to look closer into the different characteristics of finances and its relationship with sports in European football.
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Bhargava, Tanvi. "Financial Performance of Football Teams: Effects of Win Maximization, Performance and Transfer Spending on Stock Prices." Scholarship @ Claremont, 2017. http://scholarship.claremont.edu/cmc_theses/1565.
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The present paper explores the effects of championships won and financial stability of the clubs on share price returns for publicly traded football clubs in Europe. The study uses samples from 2012-2017 of 14 publicly traded clubs on different exchanges such as Borsa Italiana, London Stock Exchange, New York Stock Exchange, Germany Stock Exchange, Paris CAC Index, Borsa Lisbon, Copenhagen Stock Exchange as well as the Turkish Stock Exchange. The initial analysis assesses share price returns’ links with team performance and team financial variables as well as two indices: STOXX 600 Market Index and the STOXX Football Index. Further analysis includes looking at revenues and the different variables that affect returns to see the correlation and understand profitability vs win maximization due to the effect of sugar daddy owners. There appears to be a negative and significant correlation between profit margin and returns, and I also conduct event studies for the biggest transfers of the clubs and conclude that in the short term, there is a significant effect on share prices when transfers occur.
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Ramstedt, Felix, and Lukas Tilk. "Värdet av ett matchresultat : En kvantitativ studie om hur matchresultat påverkar börsnoterade fotbollsklubbars aktiepris." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-388915.
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Tidigare studier (Scholtens & Peenstra, 2009) inom detta forskningsområde har påvisat att sportsliga resultat har en inverkan på en börsnoterad fotbollsklubbs aktiepris. Motivet bakom de tidigare studierna var den enorma ekonomiska tillväxt som skett inom fotbollsbranschen. Med anledning av den ekonomiska tillväxt som skett mellan åren 2009 och 2018, anser författarna att det är av intresse i denna studie att återigen undersöka huruvida ett sportsligt resultat påverkar en börsnoterad fotbollsklubbs aktiekurs. Tio fotbollsklubbar från tio olika ligor och länder analyseras mellan åren 2014 och 2018. Denna studie behandlar således både fler fotbollsklubbar och fler länder än tidigare studier. Totalt analyseras 1669 matcher, där de tio fotbollsklubbarna har gemensamt att de deltagit i både ligaspel och Europaspel under den givna tidsperioden. Vidare tar studien även hänsyn till spelodds inför varje match i syfte att analysera resultaten utifrån förväntningar. Studien utgår från klassisk finansteori i form av den effektiva marknadshypotesen, samt teorier inom behavioral finance. Den effektiva marknadshypotesen utgår från att marknaden är effektiv och att investerare fattar rationella beslut, medan behavioral finance utgår från att individer tenderar att fatta känslostyrda och irrationella beslut. Prospect theory, som är en del av behavioral finance, redogör för hur individer tenderar att värdera förluster mer negativt än vad de värderar en förlust positivt. I denna uppsats ställs den klassiska finansteorin i kontrast mot den beteendeorienterade finansteorin. Tillsammans kompletterar de varandra, och bidrar med en djupare förståelse för hur investerare agerar på finansiella marknader. Studiens resultat visar, i linje med tidigare forskning, att ett sportsligt resultat har en statistiskt signifikant inverkan på en börsnoterad fotbollsklubbs aktiekurs. Resultatet visar även att samtliga förluster i Europaspel har en statistiskt signifikant större negativ inverkan på aktiekursen än vad samtliga förluster i ligaspel har. Vidare visar även resultatet att oväntade vinster har en statistiskt signifikant större positiv inverkan på aktiekursen än vad förväntade vinster har. I enlighet med prospect theory visar även resultatet att de som investerar i börsnoterade fotbollsklubbar tenderar att värdera en förlust mer negativt än vad de värderar en vinst positivt. Regressionsanalysen visar på ett relativt lågt förklaringsvärde mellan den beroende variabeln, abnormal return, och de oberoende variablerna, förväntningar, turneringar och börsvärde. Däremot finns ett statistiskt signifikant samband mellan den beroende variabeln, abnormal return, och de oberoende variablerna förväntningar och typ av turnering. Det finns inget statistiskt signifikant samband mellan den beroende variabeln och den oberoende variabeln, börsvärde. Efter att ha delat in fotbollsklubbarna baserat på högsta och lägsta börsvärde, visade sig börsvärdet hos de fem lägst värderade fotbollsklubbarna ha en statistiskt signifikant inverkan på den beroende variabeln, abnormal return. Vidare framkommer det att de fem lägst värderade fotbollsklubbarna har en högre idiosynkratisk volatilitet än de fem högst värderade fotbollsklubbarna i studien.The purpose of this thesis is to examine the effect of football matches on stock-listed football clubs. With a sample containing over 1600 football matches stretching over a four-year period between 2014 and 2018, the authors examine the impact of national and European competitions on stock prices of ten publicly traded football clubs. The stock price reactions were examined the first trading day after the football matches were played. This gives an insight into the direct impact of match outcomes on the stock price, and how abnormal the return is in juxtaposition to the expected return. The results suggest that football matches have a statistically significant effect on a football clubs stock-price. Victory results in positive abnormal returns, whereas defeats, as well as draws, results in negative abnormal returns. The response is significantly stronger after defeats, as well as expected and unexpected defeats, in European competitions than defeats in national competitions. Unexpected victories result in stronger market reactions than expected victories. Furthermore, the stock price reaction is more volatile for the lower-valued football clubs.
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Farrelly, Francis John. "A predictive model of sport sponsorship renewal in Australia." Title page, abstract and table of contents only, 2002. http://web4.library.adelaide.edu.au/theses/09PH/09phf245.pdf.
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Bibliography: leaves 231-291. This thesis investigates key drivers of sponsorship renewal. The market orientation of sponsors, and their perception of their sponsored entity's (property's) market orientation, are analysed as antecedents of the trust invested by sponsors in the relationship, the level of commitment they exhibit and both the economic and non-economic satisfaction they derive from it. Sponsor economic and non-economic satisfaction and their commitment to the relationship are considered to be the ultimate drivers of the decision to renew. The argument is presented that sponsorship is a form of strategic or co-marketing alliance. The Australian Football League, the leading sponsorship property in Australia, is investigated in the empirical part of the thesis.
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Salvado, André Filipe Leitão. "Equity research - Arsenal Holdings PLC." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19521.
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Mestrado em FinançasEste projeto foi escrito de acordo com as recomendações de diretrizes do Instituto CFA, bem como as normas do projeto final de mestrado em finanças do ISEG. Foi feita uma análise detalhada do Arsenal Holdings PLC. A empresa analisada foi selecionada por mim com base na sua recente aquisição pela Kroenke Sports & Entertainment UK Inc, parecendo um bom ponto de partida para uma avaliação desafiante em um setor interessante com algumas aquisições atractivas ao longo dos anos. O Arsenal Holdings Limited é a holding de um clube de futebol inglês, o Arsenal F.C, que compete pelos principais troféus de futebol. O objetivo deste projeto é emitir uma opinião financeira sobre o valor de aquisição pago pela empresa, calculando um preço-alvo. Através da abordagem FCFF, foi atingida uma avaliação final de £1,840.52m, significando um desconto de 0.6% no valor de aquisição pago. O resultado foi apoiado por uma avaliação relativa complementar. Todas as informações e dados aplicados neste projeto estavam disponíveis públicamente
This project was written in accordance with the CFA Institute guideline recommendations as well as the ISEG´s master's in finance final work project standards. A detailed analysis of Arsenal Holdings PLC was done. The analyzed company was selected by me based on his recent acquisition by Kroenke Sports & Entertainment UK Inc, looking a good starting point for a challenging valuation on an interesting industry with some attractive acquisitions over the years. Arsenal Holdings Limited is the holding of an English football club, Arsenal F.C that competes for top football trophies. The purpose o this project is to issue a financial opinion about the acquisition value paid for the company by calculating a target price. Through FCFF approach a final valuation of £1,840.52m was reached, meaning a discount of 0.6% in the acquisitio value paid. The result was supported by a complementary relative valuation. All the information and data applied in this project was publicly available.
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Sousa, João Paulo Saraiva Martins de. "Paying the right way : a statistical analysis on the wages in the Premier League." Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14468.
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Mestrado em FinançasEsta dissertação usa métodos estatísticos da temporada de 2016-2017 da English Premier League para calcular salários, relativos a parâmetros de performance dos jogadores, tendo em conta que o modelo atual de avaliação de jogadores é ineficiente em cumprir as expectativas de stakeholders quanto à definição de valor. Fundamentalmente, stakeholders querem saber quanto devem pagar a um jogador. Consequentemente, visto que a principal despesa dos clubes de futebol profissionais é a remuneração dos jogadores, o uso de um modelo mais avançado pode levar a um decréscimo de dificuldades financeiras ou do risco de bancarrota. Com esse fim em mente, esta dissertação foca-se na criação de um modelo que ajude nesse mesmo problema. As descobertas sugerem que aqueles que tomam decisões em clubes de futebol devem consultar estatísticas avançadas com maior frequência - devido a decisões de gestão salarial questionáveis - e aponta para direções de investigação futura bastante prometedoras.
This dissertation uses statistical techniques within the English Premier League 2016-2017 season to calculate salaries relative to player's performance parameters, taking into account the current player evaluation system's insufficiency to fulfill the expectations of stakeholders regarding the definition of value. Ultimately, stakeholders want to know how much players should be paid. Consequently, since the largest expense items in the budget of professional sports teams is the remuneration of players, they can decrease the risk of financial distress or even bankruptcy. To that end, this thesis focuses on creating a model to tackle this very issue. The findings imply that decision-makers in professional football should consult more advanced player statistics to a greater extent - due to questionable salary management decisions - and points out some promising directions for further research.
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Fagerstedt, Henrik, and Viktor Levinson. "Landslaget vinner – rationaliteten försvinner? : En studie av fotbollslandskampers påverkan på olika aktieindex." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-30409.
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Purpose The purpose of this study is to investigate whether abnormal return patterns can occur on different share indices, as a result of the outcome in national team matches. The subordinary aim is to investigate whether there are differences between the three share indices, (small-, mid- and large cap) depending on the match category and how it relates regarding the five countries in the study. Method This study has a positivistic and deductive approach, using a modified event study methodology. The event period is one day after the event. For each nation, year and share index, different estimation periods have been created. The study comprises 760 national team football matches and is investigating how each different share index is affected by match outcomes in championship matches, qualifying matches and friendlies. Results Upon compilation of all 760 matches, the result of this study shows a statistically significant impact on two of the three possible match outcomes, regarding small cap index. Furthermore the result also shows a connection between friendly matches and small cap index. The match categories championship matches and qualifying matches demonstrates no connection to the three diffrent kind of share indices. Regarding the different nations, Spain and their small- and large cap index shows the most significant connection between the match outcome and abnormal return. Conclusions The small cap share index is basically the only index that is affected by the all the matches that is involved in this study (after a victory or a loss). The magnitude of a match does not seem to have a greater influence on investor rationality. Over all, the match outcome draw does not lead to negative abnormal return. Of this studys five surveyed countries (England, France, Spain, Sweden and Germany), the english and german share indicies seems to be least likley to be affected by the outcome in national team football matches.
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Reis, Pedro Miguel Costa dos. "Impacto dos resultados desportivos nas rendibilidades das acções dos clubes portugueses de futebol cotados em bolsa." Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/4593.
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Mestrado em FinançasOs clubes de futebol em Portugal precisam de novos mecanismos de financiamento e, neste contexto, os mercados de capitais surgem como alternativa ao crédito bancário de difícil acesso devido à crise financeira internacional. No entanto, para os detentores de capital investirem o seu dinheiro nas acções dos clubes torna-se importante saber como se comportam as acções dos mesmos face aos resultados desportivos. Por outras palavras, importa saber se os jogos têm ou não impacto na rendibilidade das acções. Foi esta questão que motivou esta dissertação e que vai ser respondida na mesma. Para estudarmos a questão de fundo, utilizámos as acções dos três clubes portugueses cotados na NYSE Euronext Lisboa, no período compreendido entre 2007 a 2011 (o equivalente a 4 épocas desportivas) e utilizámos a metodologia de estudo de eventos (event studies). Posteriormente foi testada a hipótese do impacto que as vitórias, derrotas e empates têm nas cotações. A metodologia de estudo de eventos utiliza retornos anormais (AR) que são obtidos pela diferença entre os retornos efectivos e os retornos esperados. Os parâmetros do último foram estimados com base no método dos mínimos quadrados (OLS). Por fim calcularam-se os retornos anormais médios (AAR), sobre os quais foram efectuados Testes Paramétricos (Teste T) e Não Paramétricos (Teste de Sinal e Wilcoxon) a fim de se concluir se existe evidência de que os resultados desportivos levam a retornos anormais. As conclusões apontam para que existam retornos anormais como consequência dos resultados desportivos. As acções dos clubes têm retornos anormais positivos no dia seguinte a uma vitória de cerca de 0,14%. No entanto as acções são castigadas pelos investidores no dia seguinte a derrotas ou empates, descendo 0,61% e 0,56% respectivamente.
The Portuguese football clubs need new mechanisms of financing and in this context equity markets arise as an alternative to the difficult access bank credit. On the mean while for capital owners invest their money into football club's shares seems important to understand how those shares behave to sporting performance. In other words matter to know whether games have or not impact on equity returns. It was this question that motivated this dissertation and will be answered in it. To study the fundamental question, we used the stocks of the three Portuguese clubs listed on the NYSE Euronext Lisbon between 2007 and 2011 (the equivalent of 4 sporting seasons) and we used the event study methodology. Subsequently was tested the hypothesis of the impact of victories, draws and losses over shares. The event study's methodology uses the abnormal returns (AR) that are obtained by the difference between the actual return and the expected return. The parameters of the last were estimated based on the method of least square (OLS). Finally we calculated the average abnormal returns (AAR) on which were performed Parametric tests (T Test) and Non-parametric Tests (Wilcoxon and Sign Test) in order to conclude if there is evidence that sports results lead to abnormal returns. Findings indicate that there are abnormal returns as a result of sporting results. The shares of the clubs have positive abnormal returns on the day after a victory of about 0,14%. However shares are punished by investors on the day after a defeat or draw going down 0,61% and 0,56% respectively.
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Jottreau, Benoît. "Financial models and price formation : applications to sport betting." Thesis, Paris Est, 2009. http://www.theses.fr/2009PEST1031.
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Cette thèse est composée de quatre chapitres. Le premier chapitre traite de l'évaluation de produits financiers dans un modèle comportant un saut pour l'actif risque. Ce saut représente la faillite de l'entreprise correspondante. On étudie alors l'évaluation des prix d'options par indifférence d'utilité dans un cadre d'utilité exponentielle. Par des techniques de programmation dynamique on montre que le prix d'un Bond est solution d'une équation différentielle et le prix d'options dépendantes de l'actif est solution d'une équation aux dérives partielles d'Hamilton-Jacobi-Bellman. Le saut dans la dynamique de l'actif risque induit des différences avec le modèle de Merton que nous tentons de quantifier. Le second chapitre traite d'un marché comportant des sauts : les paris sur le football. Nous rappelons les différentes familles de modèles pour un match de football et introduisons un modèle complet permettant d'évaluer les prix des différents produits apparus sur ce marché ces dix dernières années. La complexité de ce modèle nous amène à étudier un modèle simplifié dont nous étudions les implications et calculons les prix obtenus que l'on compare à la réalité. On remarque que la calibration implicite obtenue génère de très bons résultats en produisant des prix très proches de la réalité. Le troisième chapitre développe le problème de fixation des prix par un teneur de marche monopolistique dans le marché des paris binaires. Ce travail est un prolongement direct au problème introduit par Levitt [Lev04]. Nous généralisons en effet son travail aux cas des paris européens et proposons une méthode pour estimer la méthode de cotation utilisée par le book-maker. Nous montrons que deux hypothèses inextricables peuvent expliquer cette fixation des prix. D'une part, l'incertitude du public sur la vraie valeur ainsi que le caractère extrêmement risque-averse du bookmaker. Le quatrième chapitre prolonge quant à lui cette approche au cas de produits financiers non binaires. Nous examinons différents modèles d'offre et de demande et en déduisons, par des techniques de programmation dynamique, des équations aux dérivées partielles dictant la formation des prix d'achat et de vente. Nous montrons finalement que l'écart entre prix d'achat et prix de vente ne dépend pas de la position du teneur de marche dans l'actif considère. Cependant le prix moyen dépend lui fortement de la quantité détenue par le teneur de marche. Une approche simplifiée est finalement proposée dans le cas multidimensionnelThis thesis is composed of four chapters. The first one deals with the pricing of financial products in a single jump model for the risky asset. This jump represents the bankrupcy of the quoted firm. We study the pricing of derivatives in the context of indifference of utility with an exponential utility. By means of dynamic programming we show that the bond price is solution of an ordinary differential equation and that stock price dependent options are solutions of an equation with partial derivatives of Hamilton-Jacobi-Bellman type generalizing the Black-Scholes one. We then try to quantify differences in the price obtained here and the one from Merton model without jump. The second chapter deals with a specific jump market : the soccer betting market. We recall the different model families for a soccer match and introduce some full model which allows to price the products recently born in this market in last ten years. Nevertheless the model complexity leads us to study a simplified model introduced by Dixon and Robinson from which we are able to derive closed formulas and simulate prices that we compare to market prices. We remark that implicit calibration gives pretty goof fit of market data. Third chapter developps the approach of Levitt [Lev04] on price formation in binary betting market held by a monopolistic market-maker operating in a one time step trading. We generalize Levitt results with european format of betting. We show that prices are distorded on the pressure of demand and offer, that phenomena introducing a market probability that allows to price products under this new measure. We identify some best model for demand and offer and market maker strategy and show that probability change is obvious in case of imperfect information about the value of the product. Fourth chapter generalizes this approach to the case of general payoffs and continuous time. The task is more complex and we just derive partial derivative equations from dynamic programming that enable us to give the bid-ask prices of the product traded by the market-maker. One result is that, in most models, bid-ask spread does not depend on the inventory held by the dealer whereas mid-quote price strongly reflects the unbalance of the dealer
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Carin, Yann. "La faillite des clubs français de football : un secteur spécifique." Thesis, Limoges, 2019. http://www.theses.fr/2019LIMO0040/document.
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Le football européen en général et le football français en particulier font état de difficultés financières et de faillites récurrentes de clubs professionnels. Sur la seule période de 1975 à 2018, 81 clubs français de football engagés dans les championnats des quatre premières divisions ont connu une faillite. Le sujet de la faillite d’entreprises a été largement traité pour les secteurs courants de l’économie. De nombreuses recherches se sont attachées à construire des modèles de prédiction, puis progressivement d’autres travaux se sont concentrés sur le processus et les différentes trajectoires d’entrée dans la faillite.Les seuls travaux menés sur le football français ont appliqué le modèle de prédiction d’Altman (2000) sur les clubs de Ligue 1 et de Ligue 2 et ont cherché à identifier les facteurs de la défaillance. Un accès privilégié aux données financières et aux parties prenantes du football français nous a permis de construire un nouveau modèle de prédiction de faillite adapté aux spécificités du football que nous avons ensuite complété par uneanalyse qualitative proposant une hiérarchisation des facteurs explicatifs et leur enchaînement au sein d’un processus dynamique. Notre thèse conclue à l’impossibilité de généraliser un modèle de prédiction des faillites à l’ensemble des clubs des quatre premières divisions françaises. Néanmoins, les améliorations apportées par notre propre modèle permettent de meilleurs taux de classement entre les clubs défaillants et les clubs sains des trois premières divisions. Nous montrons également qu’au-delà d’un score ponctuel obtenu dans le modèle, son évolution dans le temps est un signal important pour identifier et anticiper la dégradation de la situation financière de chaque club. Les clubs ne passent pas d’un état de bonne santé à leur faillite de manière soudaine. Des entretiens menés avec des dirigeants, des actionnaires, des directeurs financiers et des membres de la Direction Nationale du Contrôle de Gestion nous ont permis de modéliser la dynamique globale d’entrée dans la faillite des clubs. Sur ces bases, nous proposons une nouvelle approche de la régulation financière pour mieux prévenir la faillite des clubs de footballFrench football and European football in general regularly report of financial difficulties and even bankruptcies of professional clubs. Between 1975 and 2018, 81 clubs of the four premier French divisions went bankrupt. The issue of bankruptcy in business has been widely studied in the main sectors of the economy. Various studies have endeavoured to build prediction models and subsequently, other work has investigated the process and different ways of going bankrupt.The only work which investigated French football applied Altman’s prediction model (2000) to Ligue 1 and Ligue 2 clubs and aimed to identify the factors which lead to bankruptcy. Privileged access to financial information concerning these clubs and to people who have important roles in this domain allowed us tocreate a new model to predict bankruptcy which is adapted to the particularities of professional football. We then completed our study with qualitative analysis of the data and a proposal of a hierarchy of the explicative factors and their sequencing in what is a dynamic process. Our thesis concludes by stating that it is impossible to generalise a bankruptcy prediction model for all theclubs in each of the top four French divisions. Nevertheless, the improvements brought forward by our model allows for a more accurate division of the financially healthy and unhealthy clubs in the first three divisions. Equally, we show that beyond the initial score a club achieves with our model, the evolution of this score over time in an important indicator to help clubs anticipate a worsening financial situation; clubs do not suddenly go from a state of financial solvency to one of bankruptcy. Interviews undertaken with the executives, stakeholders and financial directors of clubs as well as those carried out with members of the Direction Nationale du Contrôle de Gestion (DNCG) allowed us to model the global dynamic for clubs who go bankrupt. From there, we propose a new approach to financial regulation to avoid more football clubs going bankrupt
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Ibanez, Arnaud. "Fiscalité et financement des sportifs et des clubs de football : de l’amateurisme au professionnalisme." Thesis, Paris, CNAM, 2015. http://www.theses.fr/2015CNAM1118.
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La fiscalité des clubs et des sportifs professionnels. Quelles que soient les disciplines qu'elles promeuvent, les associations amateurs sont garantes des valeurs véhiculées par le sport. Elles sont à l'origine de toutes créations de sociétés sportives. L'aléa sportif peut conduire un club à reprendre la forme associative suite à des événements sportifs ou financiers (relégation sportive suite à de mauvais résultats, contrôle financier de la DNCG...). L'influence de la fiscalité des clubs et des sportifs professionnels joue un rôle prépondérant dans la compétitivité sportive des clubs français avec leurs voisins européens. En effet, les clubs prennent en charge le salaire de leurs joueurs et leur proposent un salaire net d'impôt. Depuis l'arrêt Bosman rendu en 1995, l'activité footballistique est une activité « ouverte » soumise aux règles européennes de liberté de circulation. Toutefois, une régulation doit être recherchée afin de préserver la spécificité du modèle sportif. Des solutions sont préconisées par les organisateurs de compétitions telles que la FIFA ou l'UEFA. Les sociétés sportives doivent coexister avec les plus grands clubs sportifs européens mais elles doivent aussi maintenir un lien de solidarité financier et sportif avec les associations sportives. Outre les différentes catégories d'impositions auquel le sportif est assujetti, nous aborderons la prise en compte par le législateur des problématiques de fin de carrière du professionnel. Malgré les dispositifs fiscaux existants, ces derniers mettent en œuvre des stratégies fiscales de sorte à maximiser leurs revenusTaxation of athletes and professionals clubs. Whatever disciplines they promote, amateur associations are guarantors of the values conveyed through sport. They are the origin of all creations of sports clubs and sports hazard can lead a club to take the associative form due to financial or sporting events (sports relegation due to poor results, financial control DNCG...). The impact of taxation clubs and professional athletes plays a major role in the competitiveness of French sports clubs with their European neighbours. Indeed, the clubs support the wages of their players and offer net of tax salary. In addition, since the Bosman ruling in 1995, the football business is an "open" and sports activity exceptions are to be considered to preserve the French football. The organizers of competitions such as FIFA or UEFA recommend solutions. Sports companies must coexist with the largest European sports clubs but they must also maintain a link financial and sporting solidarity with sports associations.In addition to the different types of taxation that the athlete is subject we will discuss the consideration by the legislature of the problems of retirement professional. Despite existing tax arrangements, athletes are implementing tax strategies in order to maximize their income
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Dermit-Richard, Nadine. "La légitimité de la régulation financière des championnats professionnels de sports collectifs : le cas du championnat professionnel de football en France." Rouen, 2004. http://www.theses.fr/2004ROUEL492.
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Un système de régulation financière des championnats professionnels de sports collectifs est instauré en France en 1990. Mis en œuvre par une autorité de régulation, il autorise celle-ci à contraindre les clubs professionnels à limiter leurs engagements de dépenses au montant de leurs ressources, assurant ainsi leur solvabilité sur la saison à venir. Ce système contredit fortement un principe de base des économies capitalistes libérales : la liberté de gestion et le risque accepté par les investisseurs. Dès lors, l'objet de cette thèse a consisté à s'interroger sur la légitimité de ce système de régulation. Les championnats de football professionnels, à l'origine de son instauration, ont servi de terrain d'investigation. En conclusion, ce système de régulation financière est considéré comme légitime dans ses trois dimensions : originelle, organique et opérationnelle par l'ensemble des acteurs du marché réguléA system of financial regulation in professional team sports championships was established in France in 1990. It is implemented by a regulation body which has the power to compel professional team sport clubs to restrict incurring their expenses to their financial resources, thus securing their solvency for the next season. This contradicts strongly two guiding principles of liberal capitalist economies : freedom of management and acceptance of a resulting risk for the investor. Therefore, the purpose of this thesis has consisted in examining the legitimacy of this regulation system. Professional football championships, from which it stems, have been used as investigation ground. As a conclusion, this financial regulation system is considered as legitimate in its three dimensions (original, organic and operational) by all the actors of the regulated market
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Schwarz, Christopher Charles. "Attack-ademically Ineligible: Student Athlete Sex Crimes and the Dangerous Misunderstandings of FERPA." The Ohio State University, 2016. http://rave.ohiolink.edu/etdc/view?acc_num=osu1457096185.
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Perri, Pascal. "Les nouvelles techniques de billetterie pour augmenter les revenus des clubs professionnels de football en France." Thesis, Bordeaux, 2017. http://www.theses.fr/2017BORD0643/document.
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Le football professionnel est devenu une industrie du spectacle audiovisuel dont il tire une partie importante de ses revenus. Cependant, les recettes dites Matchday et les revenus annexes de la billetterie constituent un gisement de croissance important pour les clubs français. Ceux ci devraient pouvoir maitriser les capacités offertes au public du spectacle vivant dans les stades et devenir propriétaires de leurs enceintes en utilisant la technique des baux emphytéotiques. Les politiques de prix variables ou de prix dynamiques conduites dans d’autres secteurs comme les transports, l’hôtellerie ou les centres de loisir sont applicables dans la gestion de la billetterie. La digitalisation de l’offre ouvre de nouvelles perspectives de relation client. Elle améliore la traçabilité des consommateurs et permet de déterminer leur propension optimale à payer. Les solutions de CRM, Customer Relationship Management améliorent la connaissance client et permettent de mieux segmenter l’offre pour mieux adresser les différents publics du stade. Dans une activité fondée sur l’incertitude du résultat mais sur la certitude des coûts de production, les ressources digitales permettent de fidéliser les différentes catégories de fans et d’augmenter le panier moyen. Les clubs français très engagés dans la gestion à court terme ont négligé les outils du pricing et tardent à adopter les solutions digitales qui ont donné des résultats satisfaisants dans des secteurs comparables. Nous formulons des propositions adossées à des expérimentations concrètes pour augmenter les performances de la billetterie dans le secteur de l’industrie du football en FranceFootball has become a major industry of entertainment for TV networks and also for companies running football squads. TV rights represent at least 50% of the French clubs incomes. Meanwhile, most of them have disregarded Matchday revenues. For a large majority of them, they don’t own their arenas. Moreover, they play in (too) large stadiums with overcapacities according to average attendances. This is why average prices are below the European average price when we compare French League One with the other major’s championships in Europe. In this field, we suggest long-term leases between public owners and football firms in order to transfer both property and ability to refit arenas and stadiums. In addition, French firms running football clubs have not yet fully used technics of variable prices and dynamic prices. They should also display CRM resources in order to address each segment of costumers, including fans, year ticket holders, walk in customer or families. The target is to hit as close as possible the willingness to pay of each category of customers. We have experienced such policies for Year ticket holders in French third division. Digital resources increase customer insights and sustain cross selling policies increasing revenues as it is done in other comparable sectors such as air transportation, leisure parks, hotels and resorts. We make some suggestions and recommendations to strengthen home revenues in the French professional football League
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Alfify, Mohammed. "Impact of IPO on professional soccer clubs." Thesis, Bourgogne Franche-Comté, 2018. http://www.theses.fr/2018UBFCH045.
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Dans les années 1990 et 2000, de nombreux clubs de football professionnel (CFP) ont été inscrits sur les marchés boursiers. Le succès des IPO sur les marchés du football, en particulier dans le domaine des performances sportives et financières, est incertain. Ainsi, nombreux recherches académiques empiriques ont été préconisées pour examiner la performance financière des IPO dans ces clubs. De telles recherches ont révélé que la performance financière des clubs cotés a diminuée. La plupart de ces recherches indiquent qu'il existe une relation entre la performance sportive et la performance financière dans ces clubs. Cependant, les chercheurs n'ont pas déterminé les facteurs de ce phénomène. Pour combler cette lacune dans la littérature antérieure, la thèse vise à identifier les facteurs déterminants de la performance sportive et financière listés dans CFP et à les comparer avec les déterminants des performances sportives et financières des CFP au Moyen-Orient.Cette thèse fournit d'autres preuves empiriques sur la relation entre la performance sportive et la performance financière dans les CFP listés. Le plus important est que les résultats de la thèse fournissent un nombre de facteurs déterminants qui affectent la performance sportive et financière dans les CFP. Parmi les résultats intéressants, on peut citer l’existence de facteurs similaires et différents entre les clubs de football européens et les clubs de football du Moyen-Orient. Cela semble être confirmé par le fait que le marché et les tournois et les règlements sont différents. De plus, l’impact des spectateurs est un résultat intéressant, dans lequel leur effet sur la performance financière est indirect, alors qu’il est direct sur la performance sportive. Cependant, la juste valeur du club est incertaine en raison du manque de divulgation et de détail des informations comptables. Nous suggérons donc d'améliorer la gouvernance d'entreprise pour améliorer la transparence et la responsabilité. De plus, la thèse suggère que la perspective de la gestion stratégique est un facteur important pour traiter la performance financière non durable des CFP, en particulier à long terme afin de mesurer la juste valeur du club. Cela a conduit à gagner en pertinence compte tenu de l’importance de la gestion stratégique dans les futures recherches universitaires. Ainsi, nous pouvons poser la question suivante: dans quelle mesure l’introduction en bourse est-elle durable dans les clubs de football professionnels?In 1990s and 2000s many professional soccer (PSCs) clubs have been listed IPO in stock markets. The success of IPO in soccer markets, especially in the field of sports and financial performance is uncertain. Thus, number of empirical academic researches have been advocated to examine financial performance of IPO in these clubs. Such researches found financial performance of listed clubs is declined. Most of those researches indicate there is relationship between sports performance and financial performance in those listed clubs. However, researchers have not determine the factors of this phenomenon. To bridge this gap in the past literature, thesis aims to identify the determining factors of sports and financial performance in listed PSCs and to compare them with determinants of sports and financial performance of PSCs in Middle East.This thesis provides further empirical evidence on the relationship between sports and financial performance in listed PSCs. More importantly, results of thesis provide number of determining factors that affect sports and financial performance in PSCs. An interesting results, there are some similar and dissimilar factors between European soccer clubs and Middle east soccer clubs. This seemed to be confirmed by the fact that market and tournament and regulations are different. Furthermore, impact of spectators is interesting result, in which their effect on financial performance is indirect, while direct on sports performance. Yet, fair value of club is uncertain because lack of disclosure and detail accounting information. Thus, we suggest improving corporate governance to enhance transparency and accountability. Moreover, thesis suggest that strategic management perspective is important factor to treat unsustainable financial performance of PSCs, especially in long term in order to measure fair value of club. This lead to gain more relevance considering the importance of strategic management in future academic researches. Thus, we can raise the following question is to which extent IPO is sustainable in professional soccer clubs?
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Leite, Gustavo De Maia Mendes. "Testing market efficiency: a case study on the football betting market." Master's thesis, 2020. http://hdl.handle.net/10362/108369.
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This research investigates the efficiency of the sports betting market using football, with an original database compiling information for the last 10 sports seasons for three football leagues with different characteristics. Both literature and intuition tell us that prices or odds have made up a good forecast on the outcome of the sports event but also that bookmakers react poorly to information.This premise was tested through statistical and economic efficiency tests using the created model.In-sample evidence shows that odds are biased predictions of the matches outcome but there are investment strategies capable of generating statistically significant profits in the long run.Financial instruments available to investors interested in this market are also described and analyzed.
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Pártl, Matěj. "Předpoklady úspěšné účasti českých fotbalových klubů v evropských soutěžích." Master's thesis, 2017. http://www.nusl.cz/ntk/nusl-369214.
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The thesis is focused on identifying the basic assumptions for successful participation of Czech Football clubs in European competitions. One of the main motivations is the financial reward resulting from participation in European competitions. Basic assumptions are found in the team axis and their representative experience in team selection U16-U21, in the ideal age average of the basic assemblies, opponents' playability from the point of view of their nationality and an estimate of the progress of Czech teams in future years against teams by nationality. The results of the thesis clearly show that if the assumptions mentioned above are fulfilled separately the possibilities of success for the Czech teams are small. It is really important to combine these assumptions in one complex at the same time. There is not calculated with the influences we can not predict but may significantly affect the results in the competition . It is possible to estimate the success or failure of Czech teams in European team competitions from the result of this work.
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Beato, Ricardo Silva. "Does Sporting performance influence portuguese floated clubs' stocks revenues?" Master's thesis, 2015. http://hdl.handle.net/10071/11551.
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Classificação JEL: G1 General Financial Markets, G14 Information and Market Efficiency, Event StudiesO estudo aqui presente visa enriquecer a existente literatura no que concerne a relação entre o futebol português e a bolsa de valores. Recorrendo ao método de estimação OLS e a modelos da família ARCH, procuro explicar a variação do valor e variância das ações dos três grandes clubes portugueses de futebol mediante a sua performance desportiva para o período 2000-2014 para o Sporting Clube de Portugal e Futebol Clube do Porto e 2007-2014, para o Benfica, aquando da sua entrada em bolsa. Também realizei o controlo das expetativas do mercado ao usar os valores de apostas desportivas como aproximação e a importância marginal de cada ponto obtido numa partida com a variável “pontos relativos até à vitória”. As conclusões ditam que não há um padrão geral de ligação entre os dois mundos e expeculo que, sendo um mercado pequeno, em Portugal a compra de ações destas empresas seja mais guiada pelo coração.
The present study delves into the existing literature regarding the relationship between Portuguese football and its stock market. Using the OLS method of estimation and models of the ARCH family, I seek to explain the variation of the value and variance of the three major Portuguese football clubs recurring to their sporting performance for the period 2000-2014 for Sporting Clube de Portugal and Futebol Clube do Porto and 2007-2014 for Sport Lisboa e Benfica, by the time it was floated. I have also employed variables used in previous research, namely; betting odds as the proxy for market’s expectations and the marginal importance of each earned point in a game with the “relative points to victory” variable. The conclusions do not exhibit a clear pattern for the link between both worlds and I speculate that, given the small dimension of the market, emotions are the biggest driver for football shares’ price.
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Alves, José Maria Candido. "Market anomaly : 2014th World Cup effect." Master's thesis, 2015. http://hdl.handle.net/10400.14/20007.
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Inspired by the World Cup effect discovered by Kaplanski and Levy (2010), we decided to in-vestigate the 2014th edition. Our findings were conclusive. The average return on the U.S. stock market during the latest World Cup was +0.87%, compared to an average of -2.42% of all past World Cups; hence, the anomaly disappeared. We suggest its disappearance was driven by: (1) the growth popularity of Football in the U.S. and its influence on the local stock market, and by (2) the publication of Kaplanski and Levy (2010 and 2014) followed by an investment strategy, which allowed sophisticated investors to take advantage of the anomaly.
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Farias, Bruno. "Análise financeira dos clubes de futebol europeus cotados em bolsa." Master's thesis, 2016. http://hdl.handle.net/10071/13447.
Full textAbstract:
Jel Classifications: G32, L83.Num momento em que os se fala insistentemente do aumento dos valores envolvidos no mundo do futebol, nomeadamente nos prémios de Liga dos Campeões e nas transmissões televisivas, será previsível a entrada de novos investidores nos clubes de futebol É neste enquadramento que surge esta análise, que pretende avaliar, durante um período em que os prémios da UEFA se mantiveram de forma a não influenciar a comparação anual, se os clubes europeus cotados em bolsa podem apresentar uma opção interessante de investimento.
At a time when we see the increase of the amounts involved in the football world, particularly in the Champions League bonuses and in television broadcasts, it will be expected new entries of investors in football clubs It is in this framework that comes this analysis that aims to evaluate, during a period when UEFA bonuses remained the same, so as not to influence the annual comparison, the European clubs listed on the exchange markets who could present an interesting investment option.
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Moravec, Aleš. "Struktura příjmů profesionálních fotbalových klubů v České republice a v Evropě." Master's thesis, 2017. http://www.nusl.cz/ntk/nusl-367606.
Full textAbstract:
Tittle: Income structure of Proffesional Football Clubs in Czech Republic and Europe. Objectives: The aim of this work is to create summary of financial sources for selected football clubs operating in the highest European competition including Czech Republic. Another objective is to compare different types of income and refer the main differences and distinctions. Methods: In our thesis we used a method of analysis and a method of comparison. Method of analysis we applied in analysis of each clubs, comparison in part of compare all clubs or individual incomes each other. For description each clubs was necessary to find and analysis many professional articles, annual reports and league reports which are relevant. Results: Incomes of all football clubs are growing every year. Each club is characterized with certain differences in structures of incomes, but the most differs the Czech representative. For Sparta are the most important money from commercial activities, which achieves high values also in Juventus, Borussia Dortmund and Barcelona, Arsenal London receives on the contrary the biggest sum from broadcasting. Matchday participates only with small part on the total sum in Sparta and Juventus. Keywords: Football, Financial Sources, Television Rights, Matchday, Commercial