IJSF Issue 6:4

Contents for IJSF Issue 6:4

Entire issue of IJSF 6:4
Authors: Ramzi Benkraiem, Frédéric Le Roy, Waël Louhichi, Arne Büschemann, Christian Deutscher, Rodney J. Paul, Andrew P. Weinbach, Marco Rossi, Sungho Cho, Minyong Lee, Taeyeon Yoon, Charles Rhodes
Abstract:This is the entire issue in PDF format that you can download

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Sporting Performances and the Volatility of Listed Football Clubs, pp. 283-297
Authors: Ramzi Benkraiem, Frédéric Le Roy, and Waël Louhichi
Abstract:This study investigates the effect of sporting performances on the volatility of listed football clubs. The theoretical background is based on the importance of intangible assets in the football industry and the difficulty in evaluating them. The empirical analysis is based on the family of autoregressive conditional heteroskedasticity (ARCH) models and relates to a sample of football clubs listed on the Alternative Investment Market (AIM) and included in the Dow Jones STOXX Football Index. The findings show that sporting performances have a significant impact on the volatility of listed football clubs. The magnitude of the market reaction depends on the result nature (defeat, draw, or win) and the match venue (home or away). This study fills a gap in the empirical literature by providing a level of analysis unmatched by previous research. Thus, it should be of interest to academics as well as investors in better understanding and evaluating the volatility movements of listed football clubs.

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Did the 2005 Collective Bargaining Agreement Really Improve Team Efficiency in the NHL?, pp. 298-306
Authors: Arne Büschemann and Christian Deutscher
Abstract:After the lockout season in 2004, the 2005 collective bargaining agreement (CBA) introduced salary regulations, as well as revenue sharing, to the teams of the National Hockey League (NHL) with the aim to restore financial competitiveness. Given these objectives, the question arises if efficiencies improved under the new CBA. Using team values as the dependent variable, we performed a stochastic frontier analysis. Our paper suggests that efficiencies immediately improved after the agreement, in particular for low performing teams.

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An Analysis of the Last Hour of Betting in the NFL, pp. 307-316
Authors: Rodney J. Paul and Andrew P. Weinbach
Abstract:The last hour of betting for the wagering market in the National Football League (NFL) was examined. In a sample of offshore sportsbooks, nearly a quarter of all bets on NFL games occured in the last hour before kickoff. Bets were shown not to be balanced between each side of the betting proposition. When the betting percentage on the favorite increases in the last hour of betting, there is a simple strategy that has shown to earn statistically significant profits: betting against the public by wagering on the underdog. Unlike horse racing, in which informed bettors are assumed to wager late (near post time), money wagered near the kickoff of NFL action does not appear to be the actions of informed agents, but rather they are recreational bettors behaving simply as consumers.

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Match Rigging and the Favorite Long-Shot Bias in the Italian Football Betting Market, pp. 317-334
Authors: Marco Rossi
Abstract:In this empirical study, I compared the results of matches played in the Italian football league Serie A with the odds offered by bookmakers. I found that the market odds were good predictors of the actual game results, but I also found that the distribution of returns for odds’ subgroups displayed the so-called favorite long shot (F/L) bias. Given the evidence of match-rigging in Italian football, I investigated if this bias was caused by a strategic behavior of bookmakers who were expecting to deal with insiders. My results support that match-rigging was associated with a larger F/L bias.

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An Analysis of the Olympic Sponsorship Effect on Consumer Brand Choice in the Carbonated Soft Drink Market Using Household Scanner Data, pp. 335-353
Authors: Sungho Cho, Minyong Lee, Taeyeon Yoon, and Charles Rhodes
Abstract:Diverse notions on the effectiveness of sport sponsorship have been discussed to some degree in literature on consumer psychology and shareholder wealth. However, there is little investigation on a micro-level that provides empirical evidence for financial returns resulting from sponsorship. In fact, few studies have explored issues related to the evaluation of sponsorship return on investment (ROI), particularly regarding the scope of measurement. This study investigates the effects of a major Olympic sponsorship on consumers’ actual soft drink choices. It analyzes Nielsen Homescan purchase data for over 10,000 American households for a 3-year period spanning Coca-Cola’s sponsorship of the 2006 Olympic Winter Games and the 2008 Summer Games. Our analysis indicates that Olympic sponsorship may have generated significantly greater consumer choices for Coke over Pepsi during the Games. The effectiveness of sponsorship is statistically supported, even after controlling for sales increases attributed to traditional media advertising. It demonstrates that evaluation of sponsorship ROI is empirically achievable.

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