IDEAS home Printed from https://ideas.repec.org/a/bla/scotjp/v64y2017i4p419-444.html
   My bibliography  Save this article

Entry into exit: insolvency in English professional football

Author

Listed:
  • Stefan Szymanski

Abstract

No abstract is available for this item.

Suggested Citation

  • Stefan Szymanski, 2017. "Entry into exit: insolvency in English professional football," Scottish Journal of Political Economy, Scottish Economic Society, vol. 64(4), pages 419-444, September.
    • Handle: RePEc:bla:scotjp:v:64:y:2017:i:4:p:419-444
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1111/sjpe.12134
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Timothy Dunne & Shawn D. Klimek & Mark J. Roberts & Daniel Yi Xu, 2013. "Entry, exit, and the determinants of market structure," RAND Journal of Economics, RAND Corporation, vol. 44(3), pages 462-487, September.
    2. Richard Ericson & Ariel Pakes, 1995. "Markov-Perfect Industry Dynamics: A Framework for Empirical Work," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 62(1), pages 53-82.
    3. Panagiotis Dimitropoulos, 2016. "Audit Selection in the European Football Industry under Union of European Football Associations Financial Fair Play," International Journal of Economics and Financial Issues, Econjournals, vol. 6(3), pages 901-906.
    4. Nicolas Scelles & Stefan Szymanski & Nadine Dermit-Richard, 2018. "Insolvency in French Soccer," Journal of Sports Economics, , vol. 19(5), pages 603-624, June.
    5. Adam Cox, 2012. "Live Broadcasting, Gate Revenue, and Football Club Performance: Some Evidence," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 19(1), pages 75-98, February.
    6. Martha A. Schary, 1991. "The Probability of Exit," RAND Journal of Economics, The RAND Corporation, vol. 22(3), pages 339-353, Autumn.
    7. Joskow, Andrew S. & Werden, Gregory J. & Johnson, Richard L., 1994. "Entry, exit, and performance in airline markets," International Journal of Industrial Organization, Elsevier, vol. 12(4), pages 457-471, December.
    8. Daniel S. Hosken & Luke M. Olson & Loren K. Smith, 2016. "Can Entry Or Exit Event Studies Inform Horizontal Merger Analysis? Evidence From Grocery Retailing," Economic Inquiry, Western Economic Association International, vol. 54(1), pages 342-360, January.
    9. Stefan Szymanski, 2010. "The Economic Design of Sporting Contests," Palgrave Macmillan Books, in: The Comparative Economics of Sport, chapter 1, pages 1-78, Palgrave Macmillan.
    10. Paul Madden, 2015. "Welfare Economics of “Financial Fair Play†in a Sports League With Benefactor Owners," Journal of Sports Economics, , vol. 16(2), pages 159-184, February.
    11. Egon Franck, 2014. "Financial Fair Play in European Club Football: What Is It All About?," International Journal of Sport Finance, Fitness Information Technology, vol. 9(3), pages 193-217, August.
    12. Richard Disney & Jonathan Haskel & Ylva Heden, 2003. "Entry, Exit and Establishment Survival in UK Manufacturing," Journal of Industrial Economics, Wiley Blackwell, vol. 51(1), pages 91-112, March.
    13. Edward I. Altman, 1968. "Financial Ratios, Discriminant Analysis And The Prediction Of Corporate Bankruptcy," Journal of Finance, American Finance Association, vol. 23(4), pages 589-609, September.
    14. Maurice Peat & Stewart Jones, 2012. "Using Neural Nets To Combine Information Sets In Corporate Bankruptcy Prediction," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 19(2), pages 90-101, April.
    15. Severin Borenstein & Nancy L. Rose, 2003. "The Impact of Bankruptcy on Airline Service Levels," American Economic Review, American Economic Association, vol. 93(2), pages 415-419, May.
    16. Kovenock, Dan & Phillips, Gordon M, 1997. "Capital Structure and Product Market Behavior: An Examination of Plant Exit and Investment Decisions," The Review of Financial Studies, Society for Financial Studies, vol. 10(3), pages 767-803.
    17. Loek Groot, 2008. "Economics, Uncertainty and European Football," Books, Edward Elgar Publishing, number 12924.
    18. Stefan Szymanski & Ron Smith, 2010. "The English Football Industry: Profit, Performance and Industrial Structure," Palgrave Macmillan Books, in: Football Economics and Policy, chapter 1, pages 1-26, Palgrave Macmillan.
    19. Timothy Dunne & Mark J. Roberts & Larry Samuelson, 1988. "Patterns of Firm Entry and Exit in U.S. Manufacturing Industries," RAND Journal of Economics, The RAND Corporation, vol. 19(4), pages 495-515, Winter.
    20. Jovanovic, Boyan, 1982. "Selection and the Evolution of Industry," Econometrica, Econometric Society, vol. 50(3), pages 649-670, May.
    21. Daniel Fackler & Claus Schnabel & Joachim Wagner, 2013. "Establishment exits in Germany: the role of size and age," Small Business Economics, Springer, vol. 41(3), pages 683-700, October.
    22. Sloane, Peter J, 1971. "The Economics of Professional Football: The Football Club as a Utility Maximiser," Scottish Journal of Political Economy, Scottish Economic Society, vol. 18(2), pages 121-146, June.
    23. Wladimir Andreff, 2007. "French Football: A Financial Crisis Rooted in Weak Governance," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00270019, HAL.
    24. Thomas Peeters & Stefan Szymanski, 2014. "Financial fair play in European football [v. National Football League, 560 (The Supreme Court May 24, 2010)]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 29(78), pages 343-390.
    25. Edward I. Altman, 1968. "The Prediction Of Corporate Bankruptcy: A Discriminant Analysis," Journal of Finance, American Finance Association, vol. 23(1), pages 193-194, March.
    26. Hopenhayn, Hugo A, 1992. "Entry, Exit, and Firm Dynamics in Long Run Equilibrium," Econometrica, Econometric Society, vol. 60(5), pages 1127-1150, September.
    27. Ohlson, Ja, 1980. "Financial Ratios And The Probabilistic Prediction Of Bankruptcy," Journal of Accounting Research, Wiley Blackwell, vol. 18(1), pages 109-131.
    28. Ciliberto, Federico & Schenone, Carola, 2012. "Bankruptcy and product-market competition: Evidence from the airline industry," International Journal of Industrial Organization, Elsevier, vol. 30(6), pages 564-577.
    29. Umberto Lago & Rob Simmons & Stefan Szymanski, 2006. "The Financial Crisis in European Football," Journal of Sports Economics, , vol. 7(1), pages 3-12, February.
    30. Olley, G Steven & Pakes, Ariel, 1996. "The Dynamics of Productivity in the Telecommunications Equipment Industry," Econometrica, Econometric Society, vol. 64(6), pages 1263-1297, November.
    31. Silviano Esteve-Pérez & Amparo Sanchis-Llopis & Juan Sanchis-Llopis, 2010. "A competing risks analysis of firms’ exit," Empirical Economics, Springer, vol. 38(2), pages 281-304, April.
    32. Andrew Zimbalist, 2003. "Sport as Business," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 19(4), pages 503-511, Winter.
    33. Allan Collard‐Wexler, 2013. "Demand Fluctuations in the Ready‐Mix Concrete Industry," Econometrica, Econometric Society, vol. 81(3), pages 1003-1037, May.
    34. Markus Sass, 2016. "Glory Hunters, Sugar Daddies, and Long-Term Competitive Balance Under UEFA Financial Fair Play," Journal of Sports Economics, , vol. 17(2), pages 148-158, February.
    35. Han Donker & Bernard Santen & Saif Zahir, 2009. "Ownership structure and the likelihood of financial distress in the Netherlands," Applied Financial Economics, Taylor & Francis Journals, vol. 19(21), pages 1687-1696.
    36. Simon Rottenberg, 1956. "The Baseball Players' Labor Market," Journal of Political Economy, University of Chicago Press, vol. 64, pages 242-242.
    37. Yuji Honjo & Nobuyuki Harada, 2006. "SME Policy, Financial Structure and Firm Growth: Evidence From Japan," Small Business Economics, Springer, vol. 27(4), pages 289-300, December.
    38. Babatunde Buraimo & David Forrest & Robert Simmons, 2007. "Freedom of Entry, Market Size, and Competitive Outcome: Evidence from English Soccer," Southern Economic Journal, John Wiley & Sons, vol. 74(1), pages 204-213, July.
    39. Wladimir Andreff, 2007. "French Football: A Financial Crisis Rooted in Weak Governance," Post-Print halshs-00270019, HAL.
    40. Stephen Hall & Stefan Szymanski & Andrew S. Zimbalist, 2002. "Testing Causality Between Team Performance and Payroll," Journal of Sports Economics, , vol. 3(2), pages 149-168, May.
    41. Lee, Yoonsoo & Mukoyama, Toshihiko, 2015. "Entry and exit of manufacturing plants over the business cycle," European Economic Review, Elsevier, vol. 77(C), pages 20-27.
    42. Fiona Carmichael & Ian McHale & Dennis Thomas, 2011. "Maintaining Market Position: Team Performance, Revenue And Wage Expenditure In The English Premier League," Bulletin of Economic Research, Wiley Blackwell, vol. 63(4), pages 464-479, October.
    43. El Kalak, Izidin & Hudson, Robert, 2016. "The effect of size on the failure probabilities of SMEs: An empirical study on the US market using discrete hazard model," International Review of Financial Analysis, Elsevier, vol. 43(C), pages 135-145.
    44. Benno Torgler & Sascha Schmidt, 2007. "What shapes player performance in soccer? Empirical findings from a panel analysis," Applied Economics, Taylor & Francis Journals, vol. 39(18), pages 2355-2369.
    45. Cuthbertson, Keith & Hudson, John, 1996. "The Determinants of Compulsory Liquidation in the U.K," The Manchester School of Economic & Social Studies, University of Manchester, vol. 64(3), pages 298-308, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lukas Richau & Florian Follert & Monika Frenger & Eike Emrich, 2021. "The sky is the limit?! Evaluating the existence of a speculative bubble in European football," Journal of Business Economics, Springer, vol. 91(6), pages 765-796, August.
    2. Zelenkov, Yu. & Solntsev, I., 2022. "Predicting the value of professional sport clubs. A study of European soccer, 2005-2018," Journal of the New Economic Association, New Economic Association, vol. 56(4), pages 28-46.
    3. Rodney Paul & Andrew Weinbach & Nick Riccardi, 2019. "Attendance in the Canadian Hockey League: The Impact of Winning, Fighting, Uncertainty of Outcome, and Weather on Junior Hockey Attendance," IJFS, MDPI, vol. 7(1), pages 1-11, February.
    4. David Alaminos & Manuel Ángel Fernández, 2019. "Why do football clubs fail financially? A financial distress prediction model for European professional football industry," PLOS ONE, Public Library of Science, vol. 14(12), pages 1-15, December.
    5. Denis Alajbeg & Zoran Bubas & Bojan Moric Milovanovic, 2022. "Financial Health and Self-Sustainability of a Small European Football League: The Realities of Top-Flight Croatian Football," Sustainability, MDPI, vol. 14(24), pages 1-26, December.
    6. Hoey, Sam & Peeters, Thomas & Principe, Francesco, 2021. "The transfer system in European football: A pro-competitive no-poaching agreement?," International Journal of Industrial Organization, Elsevier, vol. 75(C).
    7. Thadeu Gasparetto & Angel Barajas, 2022. "Wage Dispersion and Team Performance: The Moderation Role of Club Size," Journal of Sports Economics, , vol. 23(5), pages 548-566, June.
    8. Perechuda Igor, 2020. "Football Clubs Drowned by Players," Polish Journal of Sport and Tourism, Sciendo, vol. 27(1), pages 28-32, March.
    9. Babatunde Buraimo & Giuseppe Migali & Rob Simmons, 2022. "Impacts of the Great Recession on sport: evidence from English Football League attendance demand [US household tourism expenditure and the great recession: an analysis with the consumer expenditure," Oxford Economic Papers, Oxford University Press, vol. 74(1), pages 155-177.
    10. Antoine Feuillet & Nicolas Scelles & Christophe Durand, 2017. "A winner’s curse in the bidding process for broadcasting rights in football? The cases of the French and UK markets," Post-Print hal-01935541, HAL.
    11. Nicolas Scelles & Qi Peng & Maurizio Valenti, 2021. "Do the Peculiar Economics of Professional Team Sports Apply to Esports? Sequential Snowballing Literature Reviews and Implications," Economies, MDPI, vol. 9(1), pages 1-18, March.
    12. Pedro Garcia‐del‐Barrio & Pablo Agnese, 2023. "To comply or not to comply? How a UEFA wage‐to‐revenue requirement might affect the sport and managerial performance of soccer clubs," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(2), pages 767-786, March.
    13. Åse Jacobsen & Morten Kringstad & Tor-Eirik Olsen, 2021. "Extraordinary Funding and a Financially Viable Football Industry—Friends or Foes? A Norwegian Football League Perspective," Sustainability, MDPI, vol. 13(5), pages 1-19, March.
    14. Daniel Weimar & Markus Schauberger, 2018. "The impact of sporting success on student enrollment," Journal of Business Economics, Springer, vol. 88(6), pages 731-764, August.
    15. Thomas (T.L.P.R.) Peeters & Stefan Szymanski & Marko Terviö, 2017. "The inefficient advantage of experience in the market for football managers," Tinbergen Institute Discussion Papers 17-116/VII, Tinbergen Institute.
    16. Thadeu Gasparetto & Angel Barajas, 2022. "Economic effects of promotion and relegation in parallel competitions," Economics and Business Letters, Oviedo University Press, vol. 11(1), pages 7-15.
    17. Mickaël Terrien & Loris Terrettaz & Yann Carin, 2023. "How Fear, Exogeneous Shocks and Leadership Impact Change: The Case of Economic Models of the French Men’s Professional Basketball Clubs," Sustainability, MDPI, vol. 15(6), pages 1-17, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Rohde, Marc & Breuer, Christoph, 2018. "Competing by investments or efficiency? Exploring financial and sporting efficiency of club ownership structures in European football," Sport Management Review, Elsevier, vol. 21(5), pages 563-581.
    2. Stefan Szymanski, 2012. "Insolvency in English professional football: Irrational Exuberance or Negative Shocks?," Working Papers 1202, International Association of Sports Economists;North American Association of Sports Economists.
    3. Giulio Bottazzi & Marco Grazzi & Angelo Secchi & Federico Tamagni, 2011. "Financial and economic determinants of firm default," Journal of Evolutionary Economics, Springer, vol. 21(3), pages 373-406, August.
    4. David Alaminos & Manuel Ángel Fernández, 2019. "Why do football clubs fail financially? A financial distress prediction model for European professional football industry," PLOS ONE, Public Library of Science, vol. 14(12), pages 1-15, December.
    5. Silviano Esteve-Pérez & Amparo Sanchis-Llopis & Juan Sanchis-Llopis, 2010. "A competing risks analysis of firms’ exit," Empirical Economics, Springer, vol. 38(2), pages 281-304, April.
    6. Garcia-del-Barrio, Pedro & Agnese, Pablo, 2021. "Does Compliance with Financial Fair Play Rules Improve the Football Clubs' Sport Performance and Their Chances to Reach UEFA Competitions?," IZA Discussion Papers 14474, Institute of Labor Economics (IZA).
    7. Matthieu Llorca & Thierry Teste, 2016. "Dépenses salariales et performance dans l’industrie du football," Revue française d'économie, Presses de Sciences-Po, vol. 0(2), pages 125-145.
    8. PEETERS, Thomas & SZYMANSKI, Stefan, 2012. "Vertical restraints in soccer: Financial fair play and the English Premier League," Working Papers 2012028, University of Antwerp, Faculty of Business and Economics.
    9. Åse Jacobsen & Morten Kringstad & Tor-Eirik Olsen, 2021. "Extraordinary Funding and a Financially Viable Football Industry—Friends or Foes? A Norwegian Football League Perspective," Sustainability, MDPI, vol. 13(5), pages 1-19, March.
    10. Richard I.D. Harris & Qian Cher Li, "undated". "Export-market dynamics and the probability of firm closure: Evidence for the UK," Working Papers 2008_17, Business School - Economics, University of Glasgow.
    11. Ugur, Mehmet & Trushin, Eshref & Solomon, Edna, 2016. "Inverted-U relationship between R&D intensity and survival: Evidence on scale and complementarity effects in UK data," Research Policy, Elsevier, vol. 45(7), pages 1474-1492.
    12. Guidi, Francesco & Solomon, Edna & Trushin, Eshref & Ugur, Mehmet, 2015. "Inverted-U relationship between innovation and survival: Evidence from firm-level UK data," EconStor Preprints 110896, ZBW - Leibniz Information Centre for Economics.
    13. Andrew B Bernard & J. Bradford Jensen, 2007. "Firm Structure, Multinationals, and Manufacturing Plant Deaths," The Review of Economics and Statistics, MIT Press, vol. 89(2), pages 193-204, May.
    14. Aurélien François & Nadine Dermit-Richard & Daniel Plumley & Robert Wilson, 2021. "Analyzing the effectiveness of UEFA's financial fair play regulations: A comparative study of the French Ligue 1 and the English Premier League [L'analyse du fair-play financier au prisme de son ef," Working Papers hal-03167685, HAL.
    15. Budzinski, Oliver, 2014. "The competition economics of financial fair play," Ilmenau Economics Discussion Papers 85, Ilmenau University of Technology, Institute of Economics.
    16. Mohd Irfan, 2012. "Determinants of Firms’ Liquidation and Acquisition in the Indian Electronics Industry," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 6(1), pages 75-90, February.
    17. Chad Syverson, 2011. "What Determines Productivity?," Journal of Economic Literature, American Economic Association, vol. 49(2), pages 326-365, June.
    18. Marco Mariani & Elena Pirani & Elena Radicchi, 2013. "La sopravvivenza delle imprese negli anni della crisi: prime evidenze empiriche dalla Toscana," ECONOMIA E POLITICA INDUSTRIALE, FrancoAngeli Editore, vol. 2013(1), pages 25-52.
    19. Richard I. D. Harris & Qian Cher Li, 2010. "Export‐Market Dynamics And The Probability Of Firm Closure: Evidence For The United Kingdom," Scottish Journal of Political Economy, Scottish Economic Society, vol. 57(2), pages 145-168, May.
    20. Gemechu Aga & David Francis, 2017. "As the market churns: productivity and firm exit in developing countries," Small Business Economics, Springer, vol. 49(2), pages 379-403, August.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:scotjp:v:64:y:2017:i:4:p:419-444. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/sesssea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.