Human Resources Turnover as an Asset Acquisition and Divestiture Process

36 Pages Posted: 19 May 2015 Last revised: 25 Jan 2021

See all articles by Maria Fotaki

Maria Fotaki

Athens University of Economics and Business

Apostolos Kourtis

University of East Anglia (UEA) - Norwich Business School

Raphael N. Markellos

University of East Anglia (UEA) - Norwich Business School

Date Written: January 20, 2021

Abstract

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.

Keywords: Human resources turnover, Asset acquisition and divestiture, Football industry, Event study

JEL Classification: G34, G14, D22, Z21

Suggested Citation

Fotaki, Maria and Kourtis, Apostolos and Markellos, Raphael N., Human Resources Turnover as an Asset Acquisition and Divestiture Process (January 20, 2021). Available at SSRN: https://ssrn.com/abstract=2606727 or http://dx.doi.org/10.2139/ssrn.2606727

Maria Fotaki

Athens University of Economics and Business ( email )

76 Patission Street
Athens, 104 34
Greece

Apostolos Kourtis

University of East Anglia (UEA) - Norwich Business School ( email )

Norwich
NR4 7TJ
United Kingdom

Raphael N. Markellos (Contact Author)

University of East Anglia (UEA) - Norwich Business School ( email )

Norwich
NR4 7TJ
United Kingdom

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