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An Analysis of Manager Turnovers in Markets with Strong Performance Signals : the Case of the English Soccer Leagues
Discussion paper / Internet publication
 
ID 161400
Author(s) Kind, Axel; d'Addona, Stefano
Author(s) at UniBasel Kind, Axel
Year 2009
Month and day 10-22
Title An Analysis of Manager Turnovers in Markets with Strong Performance Signals : the Case of the English Soccer Leagues
Publisher / Institution [s.n.]
URL http://69.175.2.130/~finman/Reno/Papers/ceo_turnover_soccer.pdf
Abstract

We conduct an empirical analysis of the turnover of managers in a setting were the performance signal is very strong. The sample is hand-collected and includes all 1,951 turnovers (of which we classify 1,213 as dismissals) of soccer managers in the four major English soccer leagues between 1950 and 2008. We provide strong evidence that the performance of a team is the most important variable in explaining forced departures of managers. This relation is much stronger in our sample than in previous studies. For instance, the difference of the
annual dismissal probability between the top and the bottom performance deciles amounts to 25 percentage points. We attribute this strong performance sensitivity of forced turnovers to the high precision of the performance signal and the low degree of information asymmetries in the soccer market.

edoc-URL http://edoc.unibas.ch/dok/A5260076
Full Text on edoc No
 
   

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