Pub Date : 2022-08-01DOI: 10.32731/ijsf/173.082022.04
Henry Steinfeldt, Sören Dallmeyer, C. Breuer
This study investigates the impact of restricted crowds caused by the COVID-19 pandemic on the margin of victory of games in the NBA. Using 12,500 game-level observations from 11 NBA seasons from 2010/11 to 2020/21, the study first shows that during the COVID-19 season of 2020/21, games had a greater average margin of victory than any of the prior seasons. Regression results reveal that games played in front of restricted crowds were more likely to be won by a margin of 15, 20, or 25 points than games played in front of non-restricted crowds. The results indicate similar effects for games played in an empty arena or in front of a small crowd. Implications for the NBA and other major team sports leagues are discussed.
{"title":"The Silence of the Fans: The Impact of Restricted Crowds on the Margin of Victory in the NBA","authors":"Henry Steinfeldt, Sören Dallmeyer, C. Breuer","doi":"10.32731/ijsf/173.082022.04","DOIUrl":"https://doi.org/10.32731/ijsf/173.082022.04","url":null,"abstract":"This study investigates the impact of restricted crowds caused by the COVID-19 pandemic on the margin of victory of games in the NBA. Using 12,500 game-level observations from 11 NBA seasons from 2010/11 to 2020/21, the study first shows that during the COVID-19 season of 2020/21, games had a greater average margin of victory than any of the prior seasons. Regression results reveal that games played in front of restricted crowds were more likely to be won by a margin of 15, 20, or 25 points than games played in front of non-restricted crowds. The results indicate similar effects for games played in an empty arena or in front of a small crowd. Implications for the NBA and other major team sports leagues are discussed.","PeriodicalId":45894,"journal":{"name":"International Journal of Sport Finance","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44261672","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-01DOI: 10.32731/ijsf/173.082022.02
Fatih Bedir, Gürkan Bozma, M. Turan, Orcan Mizrak
The cancellation of mass gatherings was one of the earliest measures implemented to combat the spread of COVID-19. One of the sectors affected by this situation was sports organizations. The study aimed to analyze the impact of COVID-19 on the returns and volatility of football club stocks using mean and variance estimates. In line with this aim, the Stoxx Football Index was used to estimate the stocks of football clubs, and a dummy variable was used to estimate the effect of COVID-19. According to the analyses, it was found that COVID-19 had a negative and statistically significant impact on football index revenue. On the other hand, the results of the second moment analysis, the EGARCH-X model, suggested an increase in the Stoxx Football Index conditional variance (volatility) due to COVID-19.
{"title":"Effects of COVID-19 on Football Stock Market’s Return and Uncertainty","authors":"Fatih Bedir, Gürkan Bozma, M. Turan, Orcan Mizrak","doi":"10.32731/ijsf/173.082022.02","DOIUrl":"https://doi.org/10.32731/ijsf/173.082022.02","url":null,"abstract":"The cancellation of mass gatherings was one of the earliest measures implemented to combat the spread of COVID-19. One of the sectors affected by this situation was sports organizations. The study aimed to analyze the impact of COVID-19 on the returns and volatility of football club stocks using mean and variance estimates. In line with this aim, the Stoxx Football Index was used to estimate the stocks of football clubs, and a dummy variable was used to estimate the effect of COVID-19. According to the analyses, it was found that COVID-19 had a negative and statistically significant impact on football index revenue. On the other hand, the results of the second moment analysis, the EGARCH-X model, suggested an increase in the Stoxx Football Index conditional variance (volatility) due to COVID-19.","PeriodicalId":45894,"journal":{"name":"International Journal of Sport Finance","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48403815","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-01DOI: 10.32731/ijsf/173.082022.03
Stacey L. Brook
The percentage of universities selling alcohol to legally aged general admission spectators at football bowl subdivision stadiums increased by nearly 150% from 2012 to 2018. Previous research examines the effect of alcohol availability on revenue using a pro forma case study for one university. The literature is extended by systematically analyzing public college football program concession and ticket revenues using data from the NCAA Membership Financial Reporting System covering the 2012 to 2018 seasons. Using a differential timing difference-in-difference methodology, universities allowing general admission alcohol sales causes concession revenues to increase by approximately $350,000 or $1.15 per fan during this time period, but allowing general admission alcohol sales does not have a statistically insignificant impact on ticket sales revenues.
{"title":"General Admission Alcohol Availability at American College Football Bowl Subdivision Stadiums: A Difference-in-Difference with Timing Variation Analysis of Football Program Concession Revenues and Ticket Sales","authors":"Stacey L. Brook","doi":"10.32731/ijsf/173.082022.03","DOIUrl":"https://doi.org/10.32731/ijsf/173.082022.03","url":null,"abstract":"The percentage of universities selling alcohol to legally aged general admission spectators at football bowl subdivision stadiums increased by nearly 150% from 2012 to 2018. Previous research examines the effect of alcohol availability on revenue using a pro forma case study for one university. The literature is extended by systematically analyzing public college football program concession and ticket revenues using data from the NCAA Membership Financial Reporting System covering the 2012 to 2018 seasons. Using a differential timing difference-in-difference methodology, universities allowing general admission alcohol sales causes concession revenues to increase by approximately $350,000 or $1.15 per fan during this time period, but allowing general admission alcohol sales does not have a statistically insignificant impact on ticket sales revenues.","PeriodicalId":45894,"journal":{"name":"International Journal of Sport Finance","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46787238","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-01DOI: 10.32731/ijsf/173.082022.01
M. Hood, R. Jewell
This paper illustrates the value of using betting data to simulate an ex-ante distribution of league-point outcomes for English professional association football. Competition in the three tiers of the English Football League (EFL) is much more balanced than in the English Premier League (EPL). The competition at the top of the tables is more concentrated than at the bottom of the tables. Clubs relegated into a lower league tend to perform well the next season. Still, this effect does not seem to be impacted by parachute payments given to those relegated from the EPL into the second division.
{"title":"What Does It Mean to Be “Competitive”? Using Simulation to Reveal Competitive Balance in English Association Football","authors":"M. Hood, R. Jewell","doi":"10.32731/ijsf/173.082022.01","DOIUrl":"https://doi.org/10.32731/ijsf/173.082022.01","url":null,"abstract":"This paper illustrates the value of using betting data to simulate an ex-ante distribution of league-point outcomes for English professional association football. Competition in the three tiers of the English Football League (EFL) is much more balanced than in the English Premier League (EPL). The competition at the top of the tables is more concentrated than at the bottom of the tables. Clubs relegated into a lower league tend to perform well the next season. Still, this effect does not seem to be impacted by parachute payments given to those relegated from the EPL into the second division.","PeriodicalId":45894,"journal":{"name":"International Journal of Sport Finance","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49026292","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-01DOI: 10.32731/ijsf/172.052022.02
W. Maennig, Cristina Sattarhoff, P. Stahlecker
Almost all econometric analyses of mega sporting events show nonsignificant results, i.e., they fail to reject the null hypothesis at the usual α levels of significance. Our contribution takes up the recent critique against the usual handling of the term of significance and qualifies the common interpretation that from a statistical point of view, the effects of mega sporting events are not significant. For this purpose, we use employment data from the World Cup 2006 in Germany. We determine empirical power functions of the relevant t-tests by means of a simulation study with autocorrelated and heteroscedastic error terms. In addition, we consider equivalence tests. Despite the relatively large goodness of fit of the model, it is not possible to reject the hypothesis of zero employment effects of the World Cup. At the same time, our simulation experiments show that even a fundamental raise/decline in unemployment in the World Cup venues of 6 to 7 percentage points would not be recognized in 50% of all cases
{"title":"Retire Statistical Significance? Reevaluation of the Employment Effects of the 2006 World Cup","authors":"W. Maennig, Cristina Sattarhoff, P. Stahlecker","doi":"10.32731/ijsf/172.052022.02","DOIUrl":"https://doi.org/10.32731/ijsf/172.052022.02","url":null,"abstract":"Almost all econometric analyses of mega sporting events show nonsignificant results, i.e., they fail to reject the null hypothesis at the usual α levels of significance. Our contribution takes up the recent critique against the usual handling of the term of significance and qualifies the common interpretation that from a statistical point of view, the effects of mega sporting events are not significant. For this purpose, we use employment data from the World Cup 2006 in Germany. We determine empirical power functions of the relevant t-tests by means of a simulation study with autocorrelated and heteroscedastic error terms. In addition, we consider equivalence tests. Despite the relatively large goodness of fit of the model, it is not possible to reject the hypothesis of zero employment effects of the World Cup. At the same time, our simulation experiments show that even a fundamental raise/decline in unemployment in the World Cup venues of 6 to 7 percentage points would not be recognized in 50% of all cases","PeriodicalId":45894,"journal":{"name":"International Journal of Sport Finance","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42630991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-01DOI: 10.32731/ijsf/172.052022.04
David M. Yaskewich
This paper used data from professional drag racing to study how proximity to another competitor in a status ranking affected performance. The one-on-one format of races in National Hot Rod Association (NHRA) tournaments provided a setting to analyze pairs of higher- and lower-ranked drivers when status differentials were either large or small. Based on panel data from the 2009 through 2019 seasons of the NHRA’s Top Fuel and Funny Car divisions, results indicated that rank proximity improved absolute performance on reaction times by higher-ranked drivers. However, this effect only occurred when contiguously ranked opponents were paired together. Lower-ranked drivers, or underdogs, did not experience any improvements in absolute performance due to rank proximity. In the main findings, I observed that a threat of status loss can motivate performance for a focal competitor, but this effect primarily occurred when a status rival was physically present during a task.
{"title":"Reacting to Status Threat? Rank Proximity and Performance in Professional Drag Racing","authors":"David M. Yaskewich","doi":"10.32731/ijsf/172.052022.04","DOIUrl":"https://doi.org/10.32731/ijsf/172.052022.04","url":null,"abstract":"This paper used data from professional drag racing to study how proximity to another competitor in a status ranking affected performance. The one-on-one format of races in National Hot Rod Association (NHRA) tournaments provided a setting to analyze pairs of higher- and lower-ranked drivers when status differentials were either large or small. Based on panel data from the 2009 through 2019 seasons of the NHRA’s Top Fuel and Funny Car divisions, results indicated that rank proximity improved absolute performance on reaction times by higher-ranked drivers. However, this effect only occurred when contiguously ranked opponents were paired together. Lower-ranked drivers, or underdogs, did not experience any improvements in absolute performance due to rank proximity. In the main findings, I observed that a threat of status loss can motivate performance for a focal competitor, but this effect primarily occurred when a status rival was physically present during a task.","PeriodicalId":45894,"journal":{"name":"International Journal of Sport Finance","volume":"1 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42314262","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-01DOI: 10.32731/ijsf/172.052022.03
Ted Hayduk
Proponents of the Super Bowl claim beneficial ‘development’ effects of hosting the game on local businesses. Thus, one might expect to see corresponding adjustments in the local market for debt capital—the predominant source of business creation and reinvestment—around the time of the Super Bowl. Leveraging a panel dataset of 165 local lenders headquartered in 13 Super Bowl host cities between 1971 and 2011, the analysis finds no consistent trends in the volume of debt capital lent or lenders’ external risk exposure. Somewhat consistent trends were documented for lenders’ internal risk structure and financial performance. Results also suggest that in cities that host the Super Bowl regularly, there are lending contractions around the time of the game, which are followed by reactionary expansions after the game.
{"title":"The Effect of Hosting a Super Bowl on Local Debt Capital Markets","authors":"Ted Hayduk","doi":"10.32731/ijsf/172.052022.03","DOIUrl":"https://doi.org/10.32731/ijsf/172.052022.03","url":null,"abstract":"Proponents of the Super Bowl claim beneficial ‘development’ effects of hosting the game on local businesses. Thus, one might expect to see corresponding adjustments in the local market for debt capital—the predominant source of business creation and reinvestment—around the time of the Super Bowl. Leveraging a panel dataset of 165 local lenders headquartered in 13 Super Bowl host cities between 1971 and 2011, the analysis finds no consistent trends in the volume of debt capital lent or lenders’ external risk exposure. Somewhat consistent trends were documented for lenders’ internal risk structure and financial performance. Results also suggest that in cities that host the Super Bowl regularly, there are lending contractions around the time of the game, which are followed by reactionary expansions after the game.","PeriodicalId":45894,"journal":{"name":"International Journal of Sport Finance","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46211639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-01DOI: 10.32731/ijsf/172.052022.01
P. Wicker, Johannes Orlowski, Daniel Weimar
This study examines the effect of football teams’ distance covered and number of intensive runs (>20 km/h) on referees’ card-awarding behavior and their performance evaluation. The empirical analysis uses data from the German Bundesliga (2011–2018), yielding a final sample of n = 2,130 observations on a match-game day basis. Card-awarding behavior is measured with the number of yellow, yellow-red, and red cards awarded. Performance evaluation is captured by Kicker grades. The regression analyses show that greater distance covered by teams is associated with significantly fewer yellow, yellow-red, and red cards and significantly better grades for referees. The higher the number of intensive runs, the fewer yellow-red and red cards are awarded. Referees receive significantly better grades when teams have covered more distance in the match. Collectively, these findings suggest that not only referees make biased decisions but that the evaluation of their performance is also subject to biases.
{"title":"Referees’ Card-Awarding Behavior and Performance Evaluation in Professional Football: The Role of Teams’ Running Distance and Speed","authors":"P. Wicker, Johannes Orlowski, Daniel Weimar","doi":"10.32731/ijsf/172.052022.01","DOIUrl":"https://doi.org/10.32731/ijsf/172.052022.01","url":null,"abstract":"This study examines the effect of football teams’ distance covered and number of intensive runs (>20 km/h) on referees’ card-awarding behavior and their performance evaluation. The empirical analysis uses data from the German Bundesliga (2011–2018), yielding a final sample of n = 2,130 observations on a match-game day basis. Card-awarding behavior is measured with the number of yellow, yellow-red, and red cards awarded. Performance evaluation is captured by Kicker grades. The regression analyses show that greater distance covered by teams is associated with significantly fewer yellow, yellow-red, and red cards and significantly better grades for referees. The higher the number of intensive runs, the fewer yellow-red and red cards are awarded. Referees receive significantly better grades when teams have covered more distance in the match. Collectively, these findings suggest that not only referees make biased decisions but that the evaluation of their performance is also subject to biases.","PeriodicalId":45894,"journal":{"name":"International Journal of Sport Finance","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49010924","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-11-01DOI: 10.32731/ijsf/164.112021.02
I. Abínzano, M. J. Campión, L. Muga, A. Raventós-Pujol
This paper transfers and adapts the Black-Litterman portfolio management model and its subsequent generalizations to the characteristics and specificities of assets quoted on sports betting markets. The results show that these assets are suitable for the application of portfolio management models with the possible inclusion of investors’ opinions. Information based on the variability of market prices and the attention received by NBA teams in Google Trends is successfully used to simulate the opinions expressed by a hypothetical portfolio manager. Furthermore, the assets are suitable for inclusion in portfolios in which managers are seeking returns uncorrelated with other assets.
{"title":"Sports Betting and The Black-Litterman Model: A New Portfolio-Management Perspective","authors":"I. Abínzano, M. J. Campión, L. Muga, A. Raventós-Pujol","doi":"10.32731/ijsf/164.112021.02","DOIUrl":"https://doi.org/10.32731/ijsf/164.112021.02","url":null,"abstract":"This paper transfers and adapts the Black-Litterman portfolio management model and its subsequent generalizations to the characteristics and specificities of assets quoted on sports betting markets. The results show that these assets are suitable for the application of portfolio management models with the possible inclusion of investors’ opinions. Information based on the variability of market prices and the attention received by NBA teams in Google Trends is successfully used to simulate the opinions expressed by a hypothetical portfolio manager. Furthermore, the assets are suitable for inclusion in portfolios in which managers are seeking returns uncorrelated with other assets.","PeriodicalId":45894,"journal":{"name":"International Journal of Sport Finance","volume":"1 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70052206","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-11-01DOI: 10.32731/ijsf/164.112021.01
B. Frick, Dirk Semmelroth
We analyze the nature of stock price reactions of Borussia Dortmund, the only publicly traded soccer club in Germany, following domestic league and international matches over an extended period of time. Our results suggest that abnormal returns vary with the match result, the match venue, the competition type, bookmakers’ expectations, and the importance of the Bundesliga match. Although our results confirm the evidence presented in previous studies, they are surprising insofar as the legal form of Borussia Dortmund GmbH & Co. KGaA—a mixture of a stock company (AG) and a limited partnership (KG)—is quite different from that of traditional stock companies. From a theoretical perspective, diluted property rights and a lack of managerial monitoring are the main characteristics of this legal form. However, the club managers’ career concerns and the competitive pressures of the football industry seem to compensate for these deficits in the organizational architecture.
{"title":"The Effects of (Un)Expected Match Outcomes on Stock Return: A Case Study of Borussia Dortmund","authors":"B. Frick, Dirk Semmelroth","doi":"10.32731/ijsf/164.112021.01","DOIUrl":"https://doi.org/10.32731/ijsf/164.112021.01","url":null,"abstract":"We analyze the nature of stock price reactions of Borussia Dortmund, the only publicly traded soccer club in Germany, following domestic league and international matches over an extended period of time. Our results suggest that abnormal returns vary with the match result, the match venue, the competition type, bookmakers’ expectations, and the importance of the Bundesliga match. Although our results confirm the evidence presented in previous studies, they are surprising insofar as the legal form of Borussia Dortmund GmbH & Co. KGaA—a mixture of a stock company (AG) and a limited partnership (KG)—is quite different from that of traditional stock companies. From a theoretical perspective, diluted property rights and a lack of managerial monitoring are the main characteristics of this legal form. However, the club managers’ career concerns and the competitive pressures of the football industry seem to compensate for these deficits in the organizational architecture.","PeriodicalId":45894,"journal":{"name":"International Journal of Sport Finance","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45656563","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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