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Informational efficiency of football transfer market

Author

Listed:
  • Andrei Shynkevich

    (Kent State University)

Abstract

Semi-strong efficiency in the association football market is examined during the last pre-COVID-19 summer registration period by using a setup introduced in the event studies in finance research. Tests of semi-strong efficiency explore the reaction of asset prices to information-generating events such as public announcements. In this paper, football players are the assets and the player's transfer from one club to another is the event. The findings indicate the overall informational efficiency of the football transfer market, although a number of anomalies (home bias, attention bias, first-mover advantage) as well as the return premium for “undervalued” players are identified.

Suggested Citation

  • Andrei Shynkevich, 2022. "Informational efficiency of football transfer market," Economics Bulletin, AccessEcon, vol. 42(2), pages 1032-1039.
    • Handle: RePEc:ebl:ecbull:eb-21-00845
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    File URL: http://www.accessecon.com/Pubs/EB/2022/Volume42/EB-22-V42-I2-P87.pdf
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    More about this item

    Keywords

    market efficiency; event study; football transfer; cumulative abnormal return;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • Z0 - Other Special Topics - - General

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