Human resources turnover as an asset acquisition and divestiture process: Evidence from the U.K. football industry

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We shed light on the drivers and consequences of turnover in human resources for the UK football industry. We employ an event study using daily panel data of player transfers for a group of listed UK football clubs. Our results suggest asymmetric wealth effects: the acquisition of players is associated with negative abnormal club stock returns while player sales have an opposite effect. According to our findings, shareholders perceive that football managers overpay to acquire human resources. Our discussion draws possible links to the corporate finance literature which deals with the purchase and sale of firms and assets.
Original languageEnglish
Pages (from-to)2696-2711
Number of pages16
JournalInternational Journal of Finance and Economics
Issue number3
Early online date16 Feb 2021
Publication statusPublished - Jul 2023

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