bank spread with uncertain deposit level and risk aversion abstract this paper derives a model of the banking firm under uncertainty and risk aversion the selection of the bank s optimal spread between loan and deposit rates is emphasized the model s results provide some implications for bank asset quality capital regulation and deposit insurance for example it is shown that increases in the level of equity capital tend to increase the bank s spread under dara this implies an improvement in bank asset quality on the other hand as the deposit supply function becomes more volatile the bank s spread narrows which implies a decline in the quality of the bank s assets

involuntary defection in two level games ratification failures are prevalent in international relations but due to the assumption of unitary actors in international relations theory theoretical analysis has been underdeveloped in formalizing putnam s metaphor of two level games this article shows that incomplete information about the preferences of domestic actors is crucial for understanding ratification failures furthermore institutional mechanisms affect bargaining outcomes through their impact on information revelation in particular it is found that two sided constraints lead to relatively equitable bargaining outcomes and that renegotiation and pre negotiation poll taking can induce strategic voting by domestic constituents thereby exacerbating domestic constraints

location and attendance in major league baseball this study uses a travel cost model to analyse the attendance impacts on major league baseball mlb of the closest substitute mlb team it is found that the closer two teams are the lower attendance is at each team relative to two teams that are farther apart in addition when a new team moves into the area of an existing team there is an additional initial reduction in attendance for the incumbent team this has implications for actions aimed at changing the number of teams in mlb either by contraction or by possible antitrust approaches that would increase the number of teams especially in megalopolis markets further and consistent with past demand studies pricing is in the inelastic portion of gate demand and fan loyalty is a significant contributor to the estimation of gate attendance

on the determinants of bank interest margins under credit and interest rate risks abstract this paper explores the determinants of optimal bank interest margins based on a simple firm theoretical model under multiple sources of uncertainty and risk aversion the model demonstrates how cost regulation credit risk and interest rate risk conditions jointly determine the optimal bank interest margin decision we find that the bank interest margin is positively related to the bank s market power to the operating costs to the degree of credit risk and to the degree of interest rate risk an increase in the bank s equity capital has a negative effect on the spread when the bank faces little interest rate risk the effect of rising interbank market rate on the spread is ambiguous and depends on the net position of the bank in the interbank market our findings provide alternative explanations for the empirical evidence concerning bank spread behavior

demand for football and intramatch winning probability an essay on the glorious uncertainty of sports the aims of this study are i to identify the main determinants of the demand for french premiere division football matches using all matches played during the 1997 1998 season ii to estimate a team specific probability of success and iii to propose an updating process for the intramatch winning probability the methodology is tested empirically over an out of sample data set using matches of the 1998 1999 season the results show that football appears to be an inferior product affected by both socio economic and football variables and that the main football variables have only a tenuous explanatory power concerning the final outcome of a given match

identification and estimation of complex multivariate lag structures a nesting approach a process for investigating complex and multivariate lag structures is proposed the sources of the dynamic promotional effects on sales are explained and related to conventional means of mathematical expression multivariate and hybrid versions of the expressions are proposed and nests of equations are derived the nests are not universal so depend upon the subject selection of final models the process is finally followed using an example from the pharmaceutical industry where both promotions and detailing are in use

the determinants of bank interest margins theory and empirical evidence this paper has developed a model of bank margins or spreads in which the bank is viewed as a risk averse dealer it was demonstrated that an interest spread or margin would always exist and that this was the result of transactions uncertainty faced by the bank moreover it was shown that this pure spread depended on four factors the degree of managerial risk aversion the size of transactions undertaken by the bank bank market structure and the variance of interest rates the model implied that liability and asset structures had to be analyzed together since they were directly interrelated through transactions uncertainty it was shown that because of this transactions uncertainty hedging behavior was perfectly rational within an expected utility maximizing framework extending the model from a structure with one kind of loan and deposit to loans and deposits with many maturities should lead to further interesting insights into margin determination especially as portfolio effects may become apparent

a general multiple distributed lag framework for estimating the dynamic effects of promotions game attendance resulting from ticket sales is the single largest revenue stream for major league baseball mlb teams we propose a general multiple distributed lag framework following the koyck family of models for estimating mlb attendance drivers and focus specifically on the differential direct and carryover effects of in game promotions by setting various model constraints the proposed framework incorporates different forms of serial correlation and promotion specific dynamic effects using information model selection heuristics we select an optimal model of attendance drivers for the pittsburgh pirates 2010 2012 mlb seasons we demonstrate that our newly proposed model with an unrestricted serial correlation structure performs best we find that although kids promotions have the highest direct effect on attendance giveaway and entertainment promotions have substantial carryover effects and the largest total effects we use our results to optimize the pirates promotional schedule and find that a reallocation of resources across promotional categories can increase profits between 39 and 88 data as supplemental material are available at http dx doi org 10 1287 mnsc 2013 1856 this paper was accepted by eric bradlow special issue on business analytics

measuring managerial efficiency the case of baseball in economic analysis the role of the entrepreneur is paramount to the production process the entrepreneur is engaged in a darwinian game of efficiently transforming scarce resource inputs into outputs in the modern business organization this role is delegated to managers despite the conceptual importance of the role of management in the production function very little is known about the actual effect on output of variations in managerial skill in part this is due to the lack of proprietory data in part it is due to difficulties in measuring the outputs and inputs of complex production processes in a meaningful way a number of investigators have employed the concept of the frontier production function as developed by forsund and hjalmarsson 1 and timmer 6 and more recently by schmidt and lovell 3 to measure the effect on technical and price efficiency of various property rights structures or institutional constraints to our knowledge estimates of managerial efficiency have not been obtained with firm specific data except for some regulated industries in this study we estimate managerial efficiency by manager and by firm managerial marginal revenue product the rate of change in managerial efficiency over years of experience and relative factor price efficiency we use major league baseball teams over the period 1961 1980 as our data source what is particularly appealing about the choice of major league baseball teams as the industry for analysis is that outputs win percent and inputs player skills are unambiguously measured and the production function is simply specified as shown by scully 5 our results indicate that managerial skill in baseball contributes very substantially to the production process the paper will evolve as follows first the concept of the frontier production function is briefly outlined then estimates of managerial efficiency by manager and by team are provided and discussed a managerial efficiency learning curve is estimated an estimate of managerial marginal revenue product provided and the managerial efficiency

football spectator no show behaviour in the german bundesliga despite an extensive literature on stadium attendance demand our understanding of those factors shaping spectator no show behaviour is rudimentary at best here we explore such behaviour by using

the demand for standing and seated viewing accommodation in the english football league using match attendance data collected from a postal survey of football league clubs separate demand equations are estimated for standing and seated viewing accommodation some significant differences between attendance patterns for the two types of accommodation are identified current form the championship significance of the match and a geographical distance variable are found to be important determinants of standing attendance while the club s historical record is of particular importance for seated attendance the paper also discusses the implications of the results in view of the current moves towards the conversion of stadia to all seated accommodation

bank commercial loan markets and the role of market structure evidence from surveys of commercial lending abstract this paper seeks to test two tenets that underlie the current practice of antitrust analysis in banking the first is the view that bank commercial loan markets are local in nature and the second is the view that banks in more concentrated markets are more likely to engage in some form of noncompetitive behavior tests of both of these tenets are conducted using an extensive set of loan specific survey information not previously employed to address these issues results consistent with the existence of local banking markets and the dominance of competitive differences as an explanation for observed differences in loan rates are found

nationality preferences for labour in the international football industry this paper tests consumer and co worker nationalistic preferences by measuring the effect of team nationality composition on fan attendance and overall team quality using professional football teams in the world s five largest football leagues little evidence is found to support the hypothesis that fans or co workers discriminate based upon the player s nationality thus the under representation of various nationalities can be concluded to originate from a club s ownership and or management these results are similar to the racial bias revealed by english club owners as found by szymanski and preston

the impact of loan prepayment risk and deposit withdrawal risk on the optimal intermediation margin abstract numerous studies have analyzed how a bank s intermediation margin varies with respect to such factors as credit quality funding risk bank capital deposit insurance and other factors however these studies ignore the potential that loans tend to prepay if interest rates decline and deposits tend to be withdrawn if interest rates rise taking this very fundamental fact into account we derive optimal loan rates and deposit rates when the bank is subject to loan prepayments and deposit withdrawals among other things we find that greater volatility of interest rates tends to increase the margin the strength of the correlation between the level of interest rates and the propensity to prepay loans withdraw deposits also plays an interesting role

evaluating changes in league structure the reorganization of the scottish football league this article investigates the relationship between league structure and the demand for professional team sport using data from the scottish football league sfl 1971 to 1980 the sfl was restructured in 1975 and thus provides an excellent opportunity for the empirical analysis of the influence of league structure the general channels by which league structure affects demand are explored estimates are made of the impact on individual clubs by predicting what attendances would have been in the absence of the league reorganization finally the distribution of attendances across clubs is examined for evidence of the influence of league structure

accounting for endogeneity when assessing strategy performance does entry mode choice affect fdi survival firms choose strategies based on their attributes and industry conditions therefore strategy choice is endogenous and self selected empirical models that do not account for this and regress performance measures on strategy choice variables are potentially misspecified and their conclusions incorrect i highlight how self selection on hard to measure or unobservable characteristics can bias strategy performance estimates and recommend an econometric technique that has been developed to account for this effect although this concern applies to a wide range of strategy questions to demonstrate its effect i empirically examine if entry mode choice acquisition versus greenfield influences foreign direct investment survival in specifications that do not account for self selection i find that greenfield entries have survival advantages compared to acquisitions this confirms previous findings however the significance of this effect disappears once i account for self selection of entry mode in the empirical estimates the results confirm that estimates from models that do not account for self selection of strategy choice can lead to incorrect or misleading conclusions

analysing the technical efficiency of the spanish football league first division with a random frontier model this article analyses technical efficiency of football clubs in the spanish football league division 1 primera liga from the seasons 1995 1996 to 2004 2005 with an unbalanced panel data the random frontier model is used allowing the identification of random variables in the cost frontier it is concluded that the price of capital investment the number of points won and attendance are heterogeneous variables therefore no common public policy aiming to improve efficiency can embrace all of the clubs so that policies by clusters are required

individual team incentives and managing competitive balance in sports leagues an empirical analysis of major league baseball abstract major league baseball and other professional sports leagues have long been concerned with competitive imbalances caused by differences in local revenues the fear is that in the absence of salary caps or other regulatory mechanisms smaller market teams will be unable to remain competitive this research uses a structural dynamic programming model to analyze ownership s payroll investment decisions this model estimates the relationship between optimal payrolls and local market populations and the influence of long term customer equity dynamics on payroll investments in addition the author analyzes the impact of a recent policy intervention that implemented revenue transfers from high local revenue markets to low local revenue markets the statistical results indicate that market population has a significant impact on the value of a team s payroll investments for example optimal payrolls double as the population increases from 2 5 million to 7 5 million furthermore rather than improving com

a bayesian stochastic frontier of italian football this study analyses the technical efficiency of serie a italian football clubs during the 2004 2012 seasons with a bayesian stochastic frontier model using unique data extracted from clubs annual reports specifically the focus of the study is on assessing the impact effects on clubs efficiency whether they are big clubs they employ several foreign player they compete in european competitions and their involvement with football scandals in the italian football the empirical results reveal that efficiency varies among the clubs analysed and policy implications are derived

uncertainty of outcome or strengths of teams an economic analysis of attendance demand for international cricket a significant body of theoretical literature has argued that popular interest in sporting contests between teams is heavily influenced by how difficult it is to predict the result ex ante empirical research has however been unable to reach a consensus on the magnitude of uncertainty of outcome on demand in this article we seek to resolve this impasse by distinguishing between uncertainty of outcome in the short run and uncertainty of outcome in the long run we also show that it is important to control for the independent effect of absolute team strength when testing the uncertainty of outcome hypothesis using data on over 380 test cricket matches played in england australia and new zealand since 1980 we find that short run uncertainty of outcome has a significant impact on attendance demand and that absolute team strength has better explanatory power for attendance demand than does long run uncertainty of outcome our results suggest some policy implications for the management and organization of international cricket

the demand for semi pro league football in malaysia 1989 91 a panel data approach this article arguments the literature on the demand for professional team sports by estimating a demand function for attendance at home matches in the malaysian semi pro football league mspfl between 1989 and 1991 a single equation demand attendance function based on a pooled cross section and time series panel data set of 399 games is estimated by ordinary least squares a fixed effects dummy variable covariance model and an error components model our findings confirm the importance of market size and championship prospects for the home team but not the visiting team as well as divisional status and star players the first match of the season and derby matches also increased attendance

cost efficiency of french rugby clubs this article analyses the cost efficiency of french first league rugby clubs using a stochastic frontier model the frontier estimation confirmed that the model fits the data well with all coefficients correctly signed and in line with the theoretical requirements the results show that one of the clubs is operating efficiently with the majority of clubs clustered around 20 inefficiency policy implications are derived

our fans in the north the demand for british rugby league this paper reports the results of estimating a single equation model of an attendance function for british rugby league over the seasons 1982 83 to 1990 91 the data are panel data covering virtually every team which played in the two division league over the nine year time period diagnostic tests indicate that the appropriate model is a semilog random effects model where the dependent variable is league attendance weighted by population the major results are as follows there are significant positive relationships between league attendance and various measures of team success although the direction of causality is moot team quality as proxied by the two divisions and the economic quality of team location as proxied by the unemployment rate but there is no discernible relationship between league attendance and either success in nonleague trophy competitions or measures of exceptional player quality

the demand for league football a demand equation is estimated for total football league attendances for the period 1948 49 to 1979 80 plausible values are obtained for the elasticities of demand with respect to income and to a price variable which includes the cost of travel to the stadium the values imply that football spectating is an inferior good with a low price elasticity equations are also estimated for the league s separate divisions the implications of the results for the football league clubs are discussed

transaction decoupling how price bundling affects the decision to consume abstract in today s marketplace price bundling is widespread manufacturers and retailers routinely offer multiple products for a single bundled price although the effects of price bundling on purchase behavior have been well researched the effects of price bundling on postpurchase consumption behavior have received almost no attention in this article the authors build on the sunk cost literature e g thaler 1980 1985 and predict that price bundling leads to a disassociation or decoupling of transaction costs and benefits thereby reducing attention to sunk costs and decreasing a consumer s likelihood of consuming a paid for service e g a theater performance four studies show this to be the case in two lab studies the authors show that having a bundled four day ski pass as opposed to four one day ski tickets decreases a person s likelihood of skiing on the final day of a four day ski vacation they replicate this result in a field study showing that multiperformance ticket holders are

a time series cross section analysis of the determinants of australian trading bank loan deposit interest margins 1962 1981 abstract a theoretical model of the determination of trading bank interest margins based on the hedging theory of interest margin determination is tested on time series cross section data of australian trading banks generally the results are consistent with that theory that is there exists a stable non linear relationship between australian trading bank net loan deposit interest margins and measures of market power degree of absolute risk aversion and to interest rate uncertainty furthermore the shift from business sector to personal sector loan and deposit business is associated with increased bank interest margins

the demand for english league football a club level analysis a demand equation is estimated for 19 large urban based english football league clubs over the period 1962 3 to 1991 2 in order to analyse the economic determinants of club attendances while controlling for football specific factors attendances are measured with and without correction for admission of season ticket holders using an error correction specification to model attendances it is shown that both adjusted and unadjusted attendances respond to real ticket prices in the long run in 17 and 18 clubs respectively the price elasticity is typically larger for adjusted attendances suggesting that casual spectators are more price sensitive than season ticket holders among football specific factors league position goals scored and promotion and relegation between the divisions are all important determinants of attendance patterns

the demand for football in the regions of england and wales dobson s m and goddard j a 1996 the demand for football in the regions of england and wales reg studies 30 443 453 this paper investigates the determinants of the demand for football in the regions of england and wales using annual time series data over a 37 year period we use a dynamic error correction model to identify economic and football specific factors which determine attendances in the short run and long run the short run influences on demand are performance admission price and goal scoring performance and the unemployment rate are identified as significant long run determinants of attendance although the relationship between attendance share and performance seems to exhibit a strong regional dimension we find only weak evidence of regional variation in the coefficients of the attendance model itself dobson s m et goddard j a 1996 la demande de football aux regions de l angleterre et des pays de galles reg studies 30 443 453 cet article examine les determinants de la de

the brazilian soccer championship an efficiency analysis this article analyses the top brazilian football league from 2003 to 2011 by estimating a cost function and using a stochastic frontier model among the covariates the number of fans per club and club remoteness is taken into account the brazilian clubs are then ranked according to their technical efficiency during the 2000 2011 period based on the results the policy implication is presented and the economic implications arising from the study are also considered

modeling the banking firm a survey this paper reports on the status of the literature on micro bank modeling and assesses our understanding of the banking firm s optimal behavior this is no mean task for much has been written on banking broadly defined over the past couple of decades the review is developed in pieces each major subproblem is outlined and the analysis used to deal with the issue explicated this is not the best way to summarize the development of a field it should be immediately recognized one would prefer to have a smooth continuum of development moving the frontier of knowledge evenly through time and across subareas yet this is rarely the way a field develops more likely individual questions attract attention and are the subjects of a substantial number of contributions after a time the field moves on to the new area of interest the banking field is no exception before embarking upon the review however a couple of lines should be devoted to previous attempts there have been essentially three first pyle 1972 analyzes the uncertainty portfolio models at a time when little existed in the literature and hence one finds the review a bit vague and sketchy baltensperger s contributions 1978 1980 are the next serious and rather extensive reviews the quality of these

competitive balance versus competitive intensity before a match is one of these two concepts more relevant in explaining attendance the case of the french football ligue 1 over the period 2008 2011 the aim of this article is to investigate the determinants of attendance at french football ligue 1 matches over the period 2008 2011 with an emphasis on examining the effects of both competitive balance and intensity before a match competitive balance is measured by the point difference between the two teams concerned by a match in the championship competitive intensity is measured by the point difference for the home team in relation to ranks with sporting stakes results show that competitive balance has an insignificant impact whereas competitive intensity has a significantly positive impact implications are drawn

performance evaluation of the english premier football league with data envelopment analysis this paper uses data envelopment analysis dea to evaluate the performance of english premier league football clubs from 1998 99 to 2002 03 combining sport and financial variables the paper evaluates how close the clubs are relative to the frontier of best practices analysing how they manage sport as well as financial results managerial implications of the research are devised

sport event attendance as a function of education evidence from the uk abstractthis article studies the role of education in the decision to attend sporting events the overall objective is to verify whether more educated individuals are more likely to go to sports events than their less educated counterparts if education socializes persons to focus on sports it would then partially offset negative alternatives such as alcohol drug abuse and unlawful behaviours creating a positive externality sport events consumption is extensive highlighting the potential economic importance of the sports education externality to establish the role of education in sport attendance this article applies a probabilistic linear regression model to data from the uk the econometric formulation associates sport event attendance in the left hand side with education in the right hand side while controlling for the socioeconomic variables that are known to affect a consumer s decision to go to a sport event gender age income employment status children marital status and geographical

bargaining in the transfer market theory and evidence this paper examines the transfer market for association football players as operated in the english football league using transfer data for the 1990 91 season after describing the purposes and procedures involved in the transfer system together with the motives of the participants we apply two person bargaining theory to analyse the determination of transfer fees the data and estimation procedures are explained and the results reported and interpreted our analysis suggests that the nash bargaining theory captures the salient features of the bargaining process in the footballer s transfer market

two level games and bargaining outcomes why gaiatsu succeeds in japan in some cases but not others one of the strengths of robert putnam s two level bargaining game model is its ability to capture how international negotiations make it possible for negotiators to pursue synergistic strategies aimed at improving their prospects for a favorable deal by reshaping politics in both their own and their counterparts domestic arenas while reaffirming the utility of this approach this article argues that putnam describes only some of the synergistic strategies available to negotiators in addition to reverberation and synergistic linkage a negotiator can also reshape politics in his or her counterpart s domestic arena in two other ways 1 by transforming decision making in ways that expand elite participation and bring the weight of public opinion to bear on policies that were previously dictated by small groups of privileged domestic actors and 2 by influencing the way in which policy alternatives are considered in the decisionmaking process through an examination of the structural impediments initiative a set of negotiations through which the united states applied a great deal of foreign pressure gaiaisu on japan the article makes the case for the above modifications to the putnam model and argues that participation expansion strategies are most likely to be successful when involvement in decision making before foreign intervention is limited and latent support for foreign demands exists outside the privileged elite while alternative specification is most likely to work when opportunities exist to link favored policy proposals to already recognized domestic problems

the dynamics of the two level bargaining game the 1988 brazilian debt negotiations n this study we examine the case of the brazilian debt rescheduling lagreement of 1988 as a two level game in which each of the two main negotiators the brazilian state and the international bank advisory committee must satisfy its own constituents while trying to negotiate an international agreement the literature on the politics of debt and adjustment tends to look either at the domestic politics of stabilization and adjustment or at collective action at the level of the international regime we argue however that the interaction between the domestic and international levels must be understood in order to explain the outcomes of international debt negotiations drawing on the concept of the two level game in international politics suggested by robert putnam

team roster turnover and attendance in major league baseball empirical support is shown for the propositionthat sports fans prefer the composition of their home team to remain the same from season to season controlling for price income population team quality league year the stadium effects the regression results indicate that for each percentage point increase in the turnover of the composition of the team attendance will fall by about 0 7 the implications of this heretofore ignored tendency are briefly discussed

impact of league restructuring on team sport attendances the case of rugby league an econometric analysis of attendances at rugby footbal league matches in england over the period 1966 1990 is presented the major finding is that the move from one to two leagues in 1973 had a substantial impact on attendances teams in the upper league experienced greater attendances ceteris paribuswhilst those in the lower league had reduced attendances

pre and within season attendance forecasting in major league baseball a random forest approach this study explores the forecasting of major league baseball game ticket sales and identifies important attendance predictors by means of random forests that are grown from classification and regre

a control function approach to endogeneity in consumer choice models abstract endogeneity arises for numerous reasons in models of consumer choice it leads to inconsistency with standard estimation methods that maintain independence between the model s error and the included variables the authors describe a control function approach for handling endogeneity in choice models observed variables and economic theory are used to derive controls for the dependence between the endogenous variable and the demand error the theory points to the relationships that contain information on the unobserved demand factor such as the pricing equation and the advertising equation the authors approach is an alternative to berry levinsohn and pakes s 1995 product market controls for unobserved quality the authors apply both methods to examine households choices among television options including basic and premium cable packages in which unobserved attributes such as quality of programming are expected to be correlated with price without correcting for endogeneity aggregate d

college football attendance a panel study of the football bowl subdivision panel data with an instrumented real ticket price are used to estimate a regular season game day attendance and per cent of capacity regression equations better team performance whether short term season wins intermediate term bowls games in last 10 years or long term lifetime winning percentage higher undergraduate enrolment traditional rivalries and video coverage increase per cent of capacity used poor weather more rain or cloud cover higher travel costs and larger local population decrease it fan interest wanes as a season progresses but this is offset as a team wins more games games played near a national football league stadium those with conference opponents non fbs opponents and non bcs opponents have lower stadium utilization the substantive results of the analysis do not change when attendance is used as the dependent variable rather than per cent of capacity

broadcasting and sport the broadcasting of sport is heavily regulated our main finding is that common trends and differences in the quality quantity and price of televised sport across europe and usa cannot be adequately explained without reference to policy interventions by national and supranational government and by competition and regulatory authorities these interventions have a significant impact on the organization and governance of sports as well as the structure of broadcasting markets and the conduct of broadcasting companies foreclosure of broadcasting markets through exclusive long term contracts bundling and vertical integration access of viewers to major sporting events and collective selling stand out as the most significant policy issues we conclude by noting a number of policy implications copyright 2003 oxford university press

reputation and the league standing effect the case of a split season in minor league baseball abstractsplit season league design resets standings at the midpoint of the season thus allowing for two periods in which a team can potentially achieve success in a single season this context allows us to test both the reputation of the first half winner and the league standing effect on demand examination of game level data from the 2010 southern league reveals fans are unaffected by measures of both team quality and league standing in the second half of the season on the other hand the first half winners saw an 11 increase in attendance as a percent of stadium capacity suggesting that in the second half of the season winners matter more than winning

the role of collateral in a model of debt renegotiation this paper studies the effect of debt renegotiation on the design of optimal loan arrangements in a model of borrowing and lending with asymmetric information renegotiation may occur because bankruptcy involves costly asset liquidation which is ex post inefficient the author shows that the extent of the entrepreneur s liabilities in the optimal loan contract depends upon the creditor s commitment to impose bankruptcy should default ever occur a limited liability arrangement is optimal whenever the creditor is precommited not to forgive any portion of the outstanding debt otherwise debt may efficiently be secured by outside collateral copyright 1994 by ohio state university press

performance and revenue in professional league football evidence from granger causality tests using a dataset comprising annual performance measured by final league position and gate revenue for 77 football league clubs which maintained unbroken league membership between 1946 and 1994 the relationship between performance and revenue is investigated using cointegration and causality tests a cointegrating relationship between performance and revenue is established in only 10 cases out of 77 although it is argued that some caution is required in interpreting these results due to the low power of the relevant tests in relatively small samples in granger causality tests more evidence is found of causality running from lagged revenue to current performance than of causality in the opposite direction while the dependence of performance on revenue seems to be greater for the smaller clubs than for the larger these results lend empirical support to the popular view that unless checked by mechanisms for revenue redistribution within the league the natural tendency is for success to become concen

attendance at australian rules football a panel study the demand for australian rules football is examined using data on attendance at individual matches played between 1981 and 1986 an estimation methodology which is appropriate for a dynamic model with panel data is adopted and it is found that attendance at football is price inelastic and an inferior good the effect of habit in consumption behaviour stadium size uncertainty of outcome and team success are also shown to be important determinants of attendance

production functions in the sports industry an empirical analysis of professional cricket production functions are estimated for english county cricket using samples of data for the county championship and the john player league in the seasons of 1981 83 results suggest possible lessons for the management and conduct of the game at the level of the individual club in particular the allocation of resources for developing playing skills the composition of playing staffs selection of teams for particular games and strategies on the field results also provide statistical evidence for some points of conventional wisdom regarding the professional game

optimal bank interest margin under capital regulation and deposit insurance this paper examines the relationships among capital regulation deposit insurance and the optimal bank interest margin in a model where loan losses are the source of uncertainty changes in capital regulation or deposit insurance premiums have direct effects on the bank s interest margin an increase in bank capital requirement or in deposit insurance premiums results in a reduced interest margin under nonincreasing risk aversion comparative static analysis also explores the relation between asset quality and interest margin it is shown that a mean preserving spread of the distribution of loan losses results in a reduced margin

measuring rents and interest rate risk in imperfect financial markets the case of retail bank deposits traditional measures of interest rate risk assume that prices of financial assets and liabilities are set in perfectly competitive markets however evidence suggests that many retail financial markets do not follow the competitive paradigm in this paper we employ a general contingent claims framework to value rents earned by banks in demandable retail deposit markets our analysis provides a natural and economically meaningful measure of interest rate risk for these imperfectly competitive markets using monthly survey data on now accounts and mmdas we estimate the value of retail deposit rents and deposit durations for more than 200 commercial banks

the determination of transfer fees in english nonleague football in recent years a number of studies have analysed the player transfer market in english professional football this paper examines whether similar factors operate to determine transfer fees in the semiprofessional or nonleague game an empirical model of the nonleague player transfer market is developed in which observed transfer fees are determined by player characteristics time effects selling club characteristics and buying club characteristics using data on 114 transfer fees covering the period 1988 to 1997 we find evidence that the data generating process for transfer fees is broadly similar in both professional and nonleague football

a performance assessment of the angolan soccer league abstractthis article analyses the technical efficiency of the angolan soccer league from 2008 to 2014 using a translog distance stochastic frontier model the greene stochastic frontier model presented in 2005 and kumbhakar stochastic frontier model presented in 1990 are adopted and the covariates used include luanda location funding by the oil company sonangol club supported by rich fans and club relegated during the period policy implications are then derived