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1 – 10 of over 24000Using the team performance‐club profit framework, a formal model is developed of the determination of the transfer fees paid by football clubs when players are traded for cash. It…
Abstract
Using the team performance‐club profit framework, a formal model is developed of the determination of the transfer fees paid by football clubs when players are traded for cash. It is argued that transfer fees can involve monopoly rents; the selling club extracts a share of the nonnegative differential between its reservation price and the buying club’s maximum bid‐price. It is shown that a necessary condition for the presence of monopoly rents can be established by testing whether buying‐club characteristics are jointly significant determinants of transfer fees after controlling for player characteristics, time effects and selling‐club characteristics. Using a sample of 1,350 English professional football transfer fees covering the period June 1990 to August 1996, it is found that monopoly rents may exist but the degree of monopoly rents may differ with the size of the transfer fee.
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Gracia Rubio Martín, Conrado M. Miguel García, Francisco José González Sánchez and Álvaro Féliz Navarrete
The aim of this work is to explain the final negotiated prices for some of the most famous transfers of football players over the last twelve years (2007–2018).
Abstract
Purpose
The aim of this work is to explain the final negotiated prices for some of the most famous transfers of football players over the last twelve years (2007–2018).
Design/methodology/approach
The article analyses different values for forwards taken from the sports website Transfermarkt, developing a statistical model based on personal, performance, risk, environmental and popularity variables. From those values, the article finds an explanation for the final prices paid for 20 superstar players based on a combination of real option valuations, incorporating the players' life cycles and game theory.
Findings
The authors find that in a large percentage (70%) of the analysed cases, the price paid was higher than the intrinsic market value resulting from Transfermarkt, implying the existence of monopolistic rents, paid as “growth options” on prices from different negotiating conditions. On occasions, the final prices also exceed the value of the growth option, calculated under neutral bargaining conditions, highlighting the lack of economic viability of important transfers, leading to financial difficulties for the clubs involved.
Originality/value
The algorithm provides more flexibility and realism than previous proposals, based on the life cycle of football players, introducing the uncertainty and volatility of projections through Monte Carlo simulation, the capacity of clubs to bargain a price at any point of the contract and finally, the buyer's ability to transfer the player if his subsequent performance is not as expected.
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THE FUEL SYSTEM is a simple state‐of‐the‐art system which is designed to minimise system maintenance and provide a very high probability of mission success. It requires no fuel…
Abstract
THE FUEL SYSTEM is a simple state‐of‐the‐art system which is designed to minimise system maintenance and provide a very high probability of mission success. It requires no fuel management or manipulation of system controls during a normal mission. It is designed to use MIL‐J‐5624G, grades JP‐4 and JP‐5 turbine fuel.
Dominic Detzen and Lukas Löhlein
This paper studies the interactive valuation discourses of an online user community (transfermarkt.de) that seeks to determine market values for soccer players. Despite their…
Abstract
Purpose
This paper studies the interactive valuation discourses of an online user community (transfermarkt.de) that seeks to determine market values for soccer players. Despite their seemingly casual nature, these values have featured in newspapers, transfer negotiations, academic research, and capital market communication – and have thus become reified.
Design/methodology/approach
The paper employs netnographic research methodology to collect and thematically analyze a wide range of user entries on the platform. These entries are studied using theoretical insights from the sociology of quantification and valuation.
Findings
The analysis reveals how values are constructed in constant interaction between value-proposing users and value-justifying “experts.” This dynamic form of relational valuation positions players relative to one another as well as to actual transactions on the transfer market. In the absence of authoritative guidelines, it is this possibility and affordance for interaction that enacts a coherent valuation regime. The paper further reveals the platform's response to a disruptive event, which risked bringing the user-expert dynamics to a halt, requiring intervention from the platform to repair its valuation frame.
Originality/value
The paper responds to increased scholarly interests in the valuation of professional athletes. It contributes to the extant literature on valuation, first, by analyzing the dynamic valuation work that feeds into the social construction of values and, second, by studying platform participation and user interaction in a socially engineered online space.
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The purpose of this paper is to use cloud storage in digital preservation by analyzing the pricing and data retrieval models. The author recommends strategies to minimize the…
Abstract
Purpose
The purpose of this paper is to use cloud storage in digital preservation by analyzing the pricing and data retrieval models. The author recommends strategies to minimize the costs and believes cloud storage is worthy of serious consideration.
Design/methodology/approach
Few articles have been published to show the uses of cloud storage in libraries. The cost is the main concern. An overview of cloud storage pricing shows a price drop once every one or one-and-a-half years. The author emphasize the data transfer-out costs and demonstrate a case study. Comparisons and analysis of S3 and Glacier have been conducted to show the differences in retrieval and costs.
Findings
Cloud storage solutions like Glacier can be very attractive for long-term digital preservation if data can be operated within the provider’s same data zone and data transfer-out can be minimized.
Practical implications
Institutions can benefit from cloud storage by understanding the cost models and data retrieval models. Multiple strategies are suggested to minimize the costs.
Originality/value
The paper is intended to bridge the gap of uses of cloud storage. Cloud storage pricing especially data transfer-out pricing charts are presented to show the price drops over the past eight years. Costs and analysis of storing and retrieving data in Amazon S3 and Glacier are discussed in details. Comparisons of S3 and Glacier show that Glacier has uniqueness and advantages over other cloud storage solutions. Finally strategies are suggested to minimize the costs of using cloud storage. The analysis shows that cloud storage can be very useful in digital preservation.
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Enrico Supino and Maurizio Marano
This article explores the value creation process from player sales in football to understand if the related capital gains correspond to significant increases in the stock value of…
Abstract
Purpose
This article explores the value creation process from player sales in football to understand if the related capital gains correspond to significant increases in the stock value of selling companies. In addition, it aims to detect any potential drivers for higher (or slower) abnormal stock returns.
Design/methodology/approach
The authors analyze all the capital gains of the Italian and Portuguese listed football companies (the only ones for which, based on their annual reports, it was possible to trace the net book value for each player sold and, consequently, if any, the related capital gain) from 2012 to 2020 and use event study analysis to calculate the abnormal returns of the football companies' stocks. Moreover, the authors use a multiple linear regression model to identify the factors affecting investors' reactions and value creation process intensity.
Findings
The results show that, on average, the capital gains from player transfers in football are positive income components and produce statistically significant higher abnormal returns. In addition, the authors identified some relevant drivers related to their intensity which could guide the choices of corporate executives regarding future disposals of the multi-year performance rights of players in the roster.
Research limitations/implications
This study considers only Italian and Portuguese football listed companies. It would be helpful to consider some of the companies from other countries which are also outstanding from the sports perspective, but, in practice, it was not possible due to the impossibility to trace the net book value of the single footballers sold in those clubs' public financial disclosure.
Practical implications
The value relevance of the capital gains from player trading activities should increase their importance, creating cascade effects on several activities generating value for football clubs (youth sector management, player scouting, technical improvement of the players). In addition, financial data show that the capital gains from player transfers are a basic income of European football clubs nowadays. Their executives consider these operations recurrent and continually search for more valuable transfers. Hence, it is reasonable to think that they (will) choose the players to sell considering both sports and financial aspects.
Originality/value
To the best of the authors' knowledge, this is the first study exploring the effects of capital gains from player trading activities on professional football clubs' stock value. The results obtained are even more relevant if one considers the importance these income components have in the profit formula of professional football clubs nowadays, also because of the negative repercussions caused by the recent COVID-19 pandemic.
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Sohana Wadud Ahmad and Winai Wongsurawat
This study aims to investigate whether the introduction of innovative financial products increases welfare for low-income households working in the manufacturing sector…
Abstract
Purpose
This study aims to investigate whether the introduction of innovative financial products increases welfare for low-income households working in the manufacturing sector. Specifically, the authors measure the impact of mobile financial services (MFSs) on economic opportunities and wellbeing of garment factory workers in Bangladesh.
Design/methodology/approach
The study is based on Amartya Sen’s Capabilities Approach. Close to 400 textile factory workers were interviewed about their experience using Bangladesh’s most popular MFS, and how their household welfare has changed over time. Results were tabulated and analyzed with simple statistical tools.
Findings
While there remains an abundance of friction in the system, financial innovation still assisted low-income households in savings, and expedited and secured their fund transfers. The introduction of the new technology, especially when it is made mandatory, seems to have disempowered married women by reducing their financial independence from their husbands.
Originality/value
This study should help policy makers and international bodies in their efforts to design and support the inclusive growth of mobile financial technology.
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Arthur Delibert, Lori Schneider, Megan Clement and Shane Shannon
To explain the January 6, 2016 written guidance (the “New Guidance”) issued by the Securities and Exchange Commission’s Division of Investment Management on payments made by…
Abstract
Purpose
To explain the January 6, 2016 written guidance (the “New Guidance”) issued by the Securities and Exchange Commission’s Division of Investment Management on payments made by mutual funds to intermediaries for distribution and non-distribution-related services.
Design/methodology/approach
Explains the SEC’s earlier guidance in the 1998 “Supermarket Letter,” the provisions of Rule 12b-1, the practice termed “distribution in guise,” the emphasis in the “New Guidance” on the role of a fund board’s business judgment, how Rule 12b-1 compliance fits into Rule 38a-1 compliance programs, specific fund activities and arrangements with intermediaries that are of concern to the SEC staff, and the focus of the New Guidance on an adviser’s fiduciary duty to mitigate or eliminate conflicts of interest.
Findings
The New Guidance articulates clear expectations that fund boards will have a process to evaluate the nature of intermediary payments and that fund advisers will provide boards with information in the advisers’ possession that the boards need to carry out that evaluation. Another intent of the New Guidance is apparently to give the SEC a clearer basis to bring enforcement actions concerning the use of fund assets to pay intermediaries for distribution-related activities.
Originality/value
Practical guidance from experienced investment management lawyers.
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All students should note that if they have any query on their examination results they are required to quote in all correspondence their examination number, examination centre and…
Abstract
All students should note that if they have any query on their examination results they are required to quote in all correspondence their examination number, examination centre and date of sitting the examination. This enables the Examinations Department to deal with their query promptly. If a student wishes to transfer his examination fees BEFORE the examination takes place, but AFTER the closing date, an administration fee of £5.00 will be payable. If a student is unable to sit an examination owing to ill health, a medical certificate will be required before his fee can be transferred to the next examination session. For space reasons it is not always possible to publish the whole of an Examiner's report, and in such cases only matters of major interest to students are selected for publication.