Determinants of share price variations of listed football clubs: Empirical evidence from English football leagues

International audienceThis article attempts to discover Financial Market reactions regarding the activities of professional Football Clubs. Basing their findings on an event study, the authors measure the influence on the Stock Market value of Football Clubs, Sporting Results, decisions to buy or sell players and trainers and of economic and financial events which structure the life of these clubs. England, a country where the Football Market has been structured for more than ten years with twenty three Clubs quoted on the Stock Market in 2001, was selected for the purposes of the study