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Andrei Shynkevich
''Informational efficiency of football transfer market''
( 2022, Vol. 42 No.2 )
Semi-strong efficiency in the association football market is examined during the last pre-COVID-19 summer registration period by using a setup introduced in the event studies in finance research. Tests of semi-strong efficiency explore the reaction of asset prices to information-generating events such as public announcements. In this paper, football players are the assets and the player's transfer from one club to another is the event. The findings indicate the overall informational efficiency of the football transfer market, although a number of anomalies (home bias, attention bias, first-mover advantage) as well as the return premium for “undervalued” players are identified.
Keywords: market efficiency, event study, football transfer, cumulative abnormal return
JEL: G1 - General Financial Markets
Z0 - Other Special Topics: General
Manuscript Received : Sep 11 2021 Manuscript Accepted : Jun 30 2022

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