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Special Issue "Sports Finance"

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A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: closed (1 January 2015)

Special Issue Editor

Guest Editor
Dr. Brian P. Soebbing (Website)

School of Kinesiology, College of Human Sciences & Education, Louisiana State University, 112 Long Fieldhouse, Baton Rouge, LA 70803, USA
Phone: 225-578-0849
Fax: +225 578 3680

Special Issue Information

Dear Colleagues,

The use of sport as an empirical setting to study different organizational and economic phenomena is continuously increasing (Day et al., 2012; Kahn, 2000; Wolfe et al., 2005). Specifically, in the finance literature, sports have been used to examine market efficiency (e.g., Edmans et al., 2007; Golec & Tamarkin, 1991; Gray & Gray, 1997, Woodland & Woodland, 1997), the financing of sports facilities (Baade & Matheson, 2006; Coates & Humphreys, 2003; Rebeggiani, 2006), and mega events (Madden, 2006).
In addition, sports have many unique qualities, which contribute to an industry generating revenues estimated between 44 and 60 billion dollars in the United States (Humphreys & Ruseski, 2009). The study of sports has emerged both as an academic major and as a field of research, with sports financing being one of the main areas of scholarship in the field of research. Thus, the primary goal of this Special Issue will highlight sports’ activities as an empirical setting for understanding financial phenomena and will highlight sports’ unique financial idiosyncratic characteristics. Topics in this Special Issue can include, but are not limited to, non-profit sports clubs, mega events, financial issues related to stadiums and arenas, amateur and professional sports leagues and teams, and gambling markets, including sports betting, lotteries, and other games of chance.

Dr. Brian P. Soebbing
Guest Editor

Submission

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. Papers will be published continuously (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are refereed through a peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies is an international peer-reviewed Open Access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. For the first couple of issues the Article Processing Charge (APC) will be waived for well-prepared manuscripts. English correction and/or formatting fees of 250 CHF (Swiss Francs) will be charged in certain cases for those articles accepted for publication that require extensive additional formatting and/or English corrections.

Keywords

  • sports
  • gambling
  • risk
  • mega-sport events
  • non-profit sports activities
  • professional sports
  • amateur sports
  • sports clubs

Published Papers (8 papers)

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Research

Open AccessArticle The NBA’s Maximum Player Salary and the Distribution of Player Rents
Int. J. Financial Stud. 2015, 3(2), 75-83; doi:10.3390/ijfs3020075
Received: 10 December 2014 / Revised: 10 March 2015 / Accepted: 12 March 2015 / Published: 25 March 2015
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Abstract
The NBA’s 1999 Collective Bargaining Agreement (CBA) included provisions capping individual player pay in addition to team payrolls. This study examines the effect the NBA’s maximum player salary on player rents by comparing player pay from the 1997–1998 and 2003–2004 seasons while [...] Read more.
The NBA’s 1999 Collective Bargaining Agreement (CBA) included provisions capping individual player pay in addition to team payrolls. This study examines the effect the NBA’s maximum player salary on player rents by comparing player pay from the 1997–1998 and 2003–2004 seasons while controlling for player productivity and other factors related to player pay. The results indicate a large increase in the pay received by teams’ second highest and, to a lesser extent, third highest paid players. We interpret this result as evidence that the adoption of the maximum player salary shifted rents from stars to complementary players. We also show that the 1999 CBA’s rookie contract provisions reduced salaries of early career players. Full article
(This article belongs to the Special Issue Sports Finance)
Open AccessArticle How the Economic and Financial Situation of the Community Affects Sport Clubs’ Resources: Evidence from Multi-Level Models
Int. J. Financial Stud. 2015, 3(1), 31-48; doi:10.3390/ijfs3010031
Received: 24 November 2014 / Revised: 29 January 2015 / Accepted: 9 February 2015 / Published: 13 February 2015
Cited by 1 | PDF Full-text (166 KB) | HTML Full-text | XML Full-text
Abstract
In many Western countries, local community sport clubs are important providers of leisure, sport, and social programs. These sport clubs are nonprofit organizations, which operate in an increasingly challenging environment. This study considers a club’s direct local environment, i.e., the community [...] Read more.
In many Western countries, local community sport clubs are important providers of leisure, sport, and social programs. These sport clubs are nonprofit organizations, which operate in an increasingly challenging environment. This study considers a club’s direct local environment, i.e., the community the club is located in. The open systems model and the resource dependence represent the theoretical framework. The purpose of this research is to examine the effect of the financial and economic environment in the community on the resource situation of sport clubs (human, infrastructure, and financial resources). The empirical evaluation is undertaken using data from a nationwide survey of non-profit sport clubs in Germany (organizational level; n = 19,345), which are combined with secondary data on community characteristics (community level; n = 3153). Given the hierarchical data structure, multi-level analyses are applied. The results show that volunteer problems are smaller among clubs in communities with high unemployment. Facility and financial problems are greater in large communities. Sport clubs located in communities that could break even were also more likely to break even themselves. The findings show that resource problems are not necessarily due to poor club management, since higher-level (community) factors significantly affect the resource situation of sport clubs too. Full article
(This article belongs to the Special Issue Sports Finance)
Open AccessArticle “Hot Hand” in the National Basketball Association Point Spread Betting Market: A 34-Year Analysis
Int. J. Financial Stud. 2014, 2(4), 359-370; doi:10.3390/ijfs2040359
Received: 4 November 2014 / Revised: 19 November 2014 / Accepted: 20 November 2014 / Published: 25 November 2014
Cited by 1 | PDF Full-text (230 KB) | HTML Full-text | XML Full-text
Abstract
Several articles have looked at factors that affect the adjustments of point spreads, based on hot hands or streaks, for smaller durations of time. This study examines these effects for 34 regular seasons in the National Basketball Association (NBA). Estimating a Seemingly [...] Read more.
Several articles have looked at factors that affect the adjustments of point spreads, based on hot hands or streaks, for smaller durations of time. This study examines these effects for 34 regular seasons in the National Basketball Association (NBA). Estimating a Seemingly Unrelated Regression model using all 34 seasons, all streaks significantly impacted point spreads and difference in actual points. When estimating each season individually, differences emerged particularly examining winning and losing streaks of six games or more. The results indicate both the presence of momentum effects and the gambler’s fallacy. Full article
(This article belongs to the Special Issue Sports Finance)
Open AccessArticle Market Efficiency and Behavioral Biases in the WNBA Betting Market
Int. J. Financial Stud. 2014, 2(2), 193-202; doi:10.3390/ijfs2020193
Received: 24 February 2014 / Revised: 9 April 2014 / Accepted: 14 April 2014 / Published: 24 April 2014
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Abstract
The betting market for the Women’s National Basketball Association (WNBA) is a thin financial market, which does not attract much interest from sports bettors. Given these characteristics, it is possible that profitable wagering strategies could exist for informed bettors of the WNBA. [...] Read more.
The betting market for the Women’s National Basketball Association (WNBA) is a thin financial market, which does not attract much interest from sports bettors. Given these characteristics, it is possible that profitable wagering strategies could exist for informed bettors of the WNBA. Using betting data on the WNBA from 2007–2012, we find that simple betting strategies do not earn statistically significant returns. WNBA bettors are like NBA bettors; however, in that they strongly prefer the best teams, particularly when they are on the road. Despite this clear bias, betting against the most popular public wagers is not found to earn statistically significant profits. Full article
(This article belongs to the Special Issue Sports Finance)
Open AccessArticle The Effects of the Clock and Kickoff Rule Changes on Actual and Market-Based Expected Scoring in NCAA Football
Int. J. Financial Stud. 2014, 2(2), 179-192; doi:10.3390/ijfs2020179
Received: 28 February 2014 / Revised: 1 April 2014 / Accepted: 9 April 2014 / Published: 16 April 2014
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Abstract
Clock rule changes were introduced in the 2006 season with the goal of reducing the average duration of the game; these changes were reversed in 2007. In addition, in 2007 the kickoff rule was changed to create more excitement and potentially more [...] Read more.
Clock rule changes were introduced in the 2006 season with the goal of reducing the average duration of the game; these changes were reversed in 2007. In addition, in 2007 the kickoff rule was changed to create more excitement and potentially more scoring. We examine what happened to actual and expected scoring during these National Collegiate Athletic Association (NCAA) football seasons. The clock rule change in 2006 led to lower scoring which was not fully encompassed in the betting market, leading to significant returns to betting the under. Multiple rule changes in 2007 led to volatility in the betting market that subsided by season’s end. Full article
(This article belongs to the Special Issue Sports Finance)
Open AccessArticle The Long-Term Game: An Analysis of the Life Expectancy of National Football League Players
Int. J. Financial Stud. 2014, 2(1), 168-178; doi:10.3390/ijfs2010168
Received: 7 February 2014 / Revised: 5 March 2014 / Accepted: 10 March 2014 / Published: 18 March 2014
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Abstract
The National Football League (NFL) has recently received significant negative media attention surrounding the safety of its players, revolving largely around the long term health risks of playing the sport. Recent premature deaths and instances of suicide associated with chronic traumatic encephalopathy [...] Read more.
The National Football League (NFL) has recently received significant negative media attention surrounding the safety of its players, revolving largely around the long term health risks of playing the sport. Recent premature deaths and instances of suicide associated with chronic traumatic encephalopathy and other football related injuries have brought the sport under increased scrutiny. By comparing mortality rates of the general population to mortality rates of players using publically available data from the 1970 and 1994 NFL seasons, we test whether participation in football is significantly harmful to the longevity of the players. We conclude that, in total, players in the NFL have lower mortality rates than the general population. However, there is evidence that line players have higher mortality rates than other players and that those who played more games have higher mortality rates than those who played fewer games. Full article
(This article belongs to the Special Issue Sports Finance)
Open AccessArticle Systematic Positive Expected Returns in the UK Fixed Odds Betting Market: An Analysis of the Fink Tank Predictions
Int. J. Financial Stud. 2013, 1(4), 168-182; doi:10.3390/ijfs1040168
Received: 12 October 2013 / Revised: 15 November 2013 / Accepted: 28 November 2013 / Published: 4 December 2013
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Abstract
We report striking evidence of semi-strong inefficiency in the UK fixed-odds football betting market using a reputable newspaper tipster which offers probabilities of match outcomes rather than simple result indicators. Betting on the Fink Tank probabilities of home wins across 10 bookmakers, [...] Read more.
We report striking evidence of semi-strong inefficiency in the UK fixed-odds football betting market using a reputable newspaper tipster which offers probabilities of match outcomes rather than simple result indicators. Betting on the Fink Tank probabilities of home wins across 10 bookmakers, when there are positive expected returns, would have generated positive returns in each of the seasons from 2006–07 to 2011–12 for a variety of different betting strategies. These returns could have been enhanced by employing the best odds from a greater number of bookmakers. However, the fact that pure arbitrage bets have existed for years and appear to last for several hours or days suggest they are in practice not exploitable to a magnitude that poses any threat to bookmakers. Full article
(This article belongs to the Special Issue Sports Finance)
Open AccessArticle Organizational Mission and Revenue Diversification among Non-profit Sports Clubs
Int. J. Financial Stud. 2013, 1(4), 119-136; doi:10.3390/ijfs1040119
Received: 2 October 2013 / Revised: 31 October 2013 / Accepted: 4 November 2013 / Published: 8 November 2013
PDF Full-text (226 KB) | HTML Full-text | XML Full-text
Abstract
The beneficial effects of diversified income portfolios are well documented in previous research on non-profit organizations. This study examines how different types of organizational missions affect the level of revenue diversification of organizations in one industry, a question that was neglected in [...] Read more.
The beneficial effects of diversified income portfolios are well documented in previous research on non-profit organizations. This study examines how different types of organizational missions affect the level of revenue diversification of organizations in one industry, a question that was neglected in previous research. Based on contingency theory, it is assumed that different missions are associated with different funding sources. Since missions can be complementary or conflicting, specific attention needs to be paid to the combination of missions. The sport sector is chosen as an empirical setting because non-profit sports clubs can have various missions while their overall purpose is promoting sport. Panel data from a nationwide survey of non-profit sports clubs in Germany are used for the analysis. The regression results show that revenue diversification is significantly determined by organizational mission. Historically, typical mission statements like promoting elite sport, tradition, conviviality, non-sport programs, and youth sport have a positive effect on revenue diversification, while clubs with a commercial orientation and a focus on leisure and health sport have more concentrated revenues. The findings have implications for club management in the sense that some missions are associated with higher financial risk and that the combination of missions should be chosen carefully. Full article
(This article belongs to the Special Issue Sports Finance)

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