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1.
European Sport Management Quarterly ; 21(3):350-373, 2021.
Article in English | CAB Abstracts | ID: covidwho-1769044

ABSTRACT

Research question: In this short article, the researchers explore whether highly diversified professional football clubs, from an investor perspective, are better prepared for an unpredictable global crisis such as the COVID-19 pandemic than undiversified clubs. Research methods: The researchers apply event study methodology to analyze stock returns of football clubs during the first wave of the COVID-19 pandemic.

2.
Economic Inquiry ; : 21, 2021.
Article in English | Web of Science | ID: covidwho-1577409

ABSTRACT

We use a series of historical natural experiments in association football to test whether social pressure from a home stadium crowd affected behavior and outcomes. The standout effect of an empty stadium was that referees cautioned visiting players less often, by over a third of a yellow card per match or once for every 22 fouls committed. Stadium crowds caused referees to favor the home team in their decision-making. Empty stadiums appear to have reduced the overall home advantage in the final outcomes of football matches, but we cannot statistically reject no effect.

3.
European Sport Management Quarterly ; 2021.
Article in English | Scopus | ID: covidwho-1038266

ABSTRACT

Research question: In this short article, we explore whether highly diversified professional football clubs, from an investor perspective, are better prepared for an unpredictable global crisis such as the COVID-19 pandemic than undiversified clubs. Research methods: We apply event study methodology to analyze stock returns of football clubs during the first wave of the COVID-19 pandemic. Results: Analyzing a dataset comprising 5380 daily stock returns of 21 publicly listed football clubs in Europe during the season 2019–20, our results suggest that investors preferred stocks of clubs with high levels of product diversification during the COVID-19 shock period. Vice versa, we observe a moderate negative effect of geographic diversification, i.e. a club’s internationalization efforts. Both effects are robust across various model specifications and after adding several control variables. Implications: In the future, football executives may want to increasingly apply product diversification strategies to prepare for future crises better. In contrast, at least during a global health crisis, further expansion to international markets requires caution. © 2020 European Association for Sport Management.

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