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期刊简介
《International Journal of Sport Finance》每季度出版一次（2月、5月、8月、11月），是一个在全世界范围内传播当前体育金融主题研究的高级论坛。其目的是通过从全球多元化和多学科的角度发表理论和实证文章来推进该主题领域的知识。IJSF的另一个重要目标是为学术界和从业人员提供一个交流思想的论坛。本刊的一个基本使命是向体育产业的管理人员传达与当前实践相关的金融研究的实际好处。
本期概览
1. Disproving the Sophomore Slump Using Data Envelopment Analysis
用数据包络分析法反驳二年级生的不景气现象
作者：Soo Yong Kim、Changhee Kim and Hee Jay Kang
http://doi.org/10.32731/IJSF/171.022022.01
Abstract: The “sophomore slump” is a widely accepted phenomenon in modern sport culture, commonly conceptualized as a decline in performance during a player’s second year of competition following an outstanding first season. This study empirically verified the absence of sophomore slump through a two-stage network data envelopment analysis and Malmquist productivity index analysis of 616 English Premier League players from the 2014–2015 to 2018–2019 seasons. The relative rankings of individual second-year players were compared with their rankings in the previous season, and second-year and non-second-year player groups were also compared. No evidence was found to indicate the existence of a sophomore slump. In addition, Tobit regression analysis was conducted to analyze the effects of environmental variables such as yellow cards, red cards, and fouls. This study is meaningful because it analyzes “efficiency,” which has a strategic and financial impact not only on individual players but also on team managers and scouts.
摘要：“二年级低潮”是现代体育文化中一个被广泛接受的现象，通常被概念化为球员在第一个赛季表现出色后在第二年的比赛中表现下降。本研究通过对2014-2015赛季至2018-2019赛季的616名英格兰足球超级联赛球员进行两阶段网络数据包络分析和Malmquist生产力指数分析，实证验证了二年级低迷现象的存在。将个别二年级球员的相对排名与他们在前一个赛季的排名进行了比较，还对二年级和非二年级球员群体进行了比较。没有发现证据表明存在二年级的低迷。此外，还进行了Tobit回归分析，以分析环境变量如黄牌、红牌和犯规的影响。这项研究是有意义的，因为它分析了“效率”，这不仅对球员个人，而且对球队经理和球探都有战略和财务影响。
2. Stock Market Reaction to the Supreme Court’s Consideration of PASPA
股票市场对最高法院审议PASPA的反应
作者：Kevin Krieger and Justin L. Davis
http://doi.org/10.32731/IJSF/171.022022.02
Abstract: A landmark decision (Murphy v. NCAA) by the Supreme Court of the United States (SCOTUS) in 2018 ruled that the federal government could not prohibit individual states from allowing sports wagering. Our study explicitly assesses the stock market’s response to this case’s progression through legal review phases, culminating with a landmark SCOTUS decision. Surprisingly, we find that the stock market failed to efficiently interpret key events precipitating SCOTUS’ eventual decision. Even though serious indications suggested that the Professional and Amateur Sports Protection Act (PASPA) was likely to be overruled, markets did not acknowledge such a possibility early. Instead, prices only responded when SCOTUS’ ruling was finalized.
摘要：美国最高法院（SCOTUS）在2018年做出的一项具有里程碑意义的裁决（墨菲诉NCAA），裁定联邦政府不能禁止个别州允许体育博彩。我们的研究明确地评估了股市对该案件通过法律审查阶段的进展的反应，最终以一个具有里程碑意义的SCOTUS裁决而告终。令人惊讶的是，我们发现股票市场未能有效地解释导致SCOTUS最终裁决的关键事件。即使有严重的迹象表明，《职业和业余体育保护法》（PASPA）有可能被推翻，但市场并没有及早认识到这种可能性。相反，价格只有在SCOTUS的裁决最终确定后才会做出反应。
3. The Impact of Information Release on Line Accuracy and Line Movement
信息发布对线路准确度和线路移动的影响
作者：Byungju Kang and Steven Salaga
http://doi.org/10.32731/IJSF/171.022022.03
Abstract: Research examining how information influences pricing, efficiency, and line accuracy in sports betting markets is common. The existing literature, however, does not consider that the natural release of information through standard game play may be systematically related to changes in line accuracy. We test this hypothesis and find a statistically significant improvement in line accuracy in both the sides and totals markets as more information is released. This indicates the information produced through game play is valuable in improving contest forecasts by both oddsmakers and the market. We also find a reduction in line movement in both the sides and totals markets as more information is released, suggesting forecasts of oddsmakers and the market converge along with an increase in available information.
摘要：研究信息如何影响体育博彩市场的定价、效率和线路的准确性是很常见的。然而，现有的文献并没有考虑到，通过标准游戏自然释放的信息可能与线路的准确性的变化有系统的联系。我们对这一假设进行了测试，发现随着更多信息的发布，双方和总分市场的线路上准确率都有了统计上的显著提高。这表明通过游戏产生的信息对于改善赔率制定者和市场的比赛预测是有价值的。我们还发现，随着更多信息的发布，双方和总分市场的赔率变动也在减少，这表明随着可用信息的增加，赔率制定者和市场的预测也在趋同。
4. Relationship Between Player Value and Competitive Balance Under the Assumption of Oligopoly
寡头垄断假设下的玩家价值和竞争平衡的关系
作者：Gábor Rappai and Diána Ivett Fűrész
http://doi.org/10.32731/IJSF/171.022022.04
Abstract: The evolution of competitive balance and its impact on demand is the focus in the field of sports economics. The results of previous studies examining the relationship between competitive balance (CB) and attendance, as well as the direction of the relationship between financial inequality and CB, are not clear. Through panel data of the top five European football leagues, we examine whether there is a causal relationship between the concentration of club wealth and CB. Using different CB measures and the player value concentration as a proxy for wealth concentration, we found that wealth concentration has an impact on competitive imbalance. A partial adjustment model was able to detect the causal relationship even though CB refers to a moment while the wealth concentration refers to a period. This study helps to understand why previous research has found conflicting results on the relationship between financial inequality and competitive balance.
摘要：竞争平衡的演变和它对需求的影响是体育经济学领域的焦点。之前研究竞争平衡（CB）和上座率之间的关系，以及财政不平等和CB之间的关系方向的研究结果并不明确。通过欧洲五大足球联赛的面板数据，我们研究了俱乐部财富的集中与CB之间是否存在因果关系。使用不同的CB衡量标准和球员价值集中度作为财富集中度的代理，我们发现财富集中度对竞争不平衡有影响。尽管CB指的是一个时刻，而财富集中指的是一个时期，但部分调整模型还是能够检测到因果关系。这项研究有助于理解为什么以前的研究在金融不平等和竞争平衡的关系上发现了相互矛盾的结果。
注：本文仅用于学术交流，原文版权归原作者和原发表刊物所有。 |
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发表于 2022-12-14 13:24:58