Supervisory Behaviour and Private Benefits of Investors: An Empirical Analysis for the Spanish Market

What drives the value of football clubs: An approach based on private and socio-emotional benefits

Corporate Ownership and Control ◽

10.22495/cocv14i1c4art14 ◽

2016 ◽

Vol 14 (1) ◽

pp. 673-683 ◽

Cited By ~ 3

Author(s):

Riccardo Tiscini ◽

Alberto Dello Strologo

Keyword(s):

Empirical Analysis ◽

Market Value ◽

Theoretical Explanation ◽

Private Benefits ◽

Business Valuation ◽

Book Value ◽

Private Benefits Of Control ◽

Operating Profit ◽

Football Clubs ◽

The Difference

The present paper shows how, in the soccer clubs sector, where the average financial results are negative, the value of football clubs is not related to income, but to sales turnover and gives a theoretical explanation for that. The literature has shown that the profitability of the industry is generally negative already at the level of operating profit. However, the difference between market value and book value is broadly positive, showing that the market recognizes to these companies a quid pluris in terms of value, not explained by the most rational and generally accepted methods of business valuation. The present study aims to explain, through an empirical analysis, why the value of a football company can not be estimated only on the basis of expected financial results, but it requires considering the overall benefits for shareholders, represented also by private benefits of control and socio-emotional benefits.

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An Empirical Analysis of the Obtrusiveness of and Participants' Compliance with the Electronically Activated Recorder (EAR)

European Journal of Psychological Assessment ◽

10.1027/1015-5759.23.4.248 ◽

2007 ◽

Vol 23 (4) ◽

pp. 248-257 ◽

Cited By ~ 58

Author(s):

Matthias R. Mehl ◽

Shannon E. Holleran

Keyword(s):

Empirical Analysis ◽

Sampling Method ◽

Daily Life ◽

Assessment Method ◽

Data Confidentiality ◽

Short Term ◽

Naturally Occurring ◽

Two Samples ◽

Audio Recorder ◽

Term Monitoring

Abstract. In this article, the authors provide an empirical analysis of the obtrusiveness of and participants' compliance with a relatively new psychological ambulatory assessment method, called the electronically activated recorder or EAR. The EAR is a modified portable audio-recorder that periodically records snippets of ambient sounds from participants' daily environments. In tracking moment-to-moment ambient sounds, the EAR yields an acoustic log of a person's day as it unfolds. As a naturalistic observation sampling method, it provides an observer's account of daily life and is optimized for the assessment of audible aspects of participants' naturally-occurring social behaviors and interactions. Measures of self-reported and behaviorally-assessed EAR obtrusiveness and compliance were analyzed in two samples. After an initial 2-h period of relative obtrusiveness, participants habituated to wearing the EAR and perceived it as fairly unobtrusive both in a short-term (2 days, N = 96) and a longer-term (10-11 days, N = 11) monitoring. Compliance with the method was high both during the short-term and longer-term monitoring. Somewhat reduced compliance was identified over the weekend; this effect appears to be specific to student populations. Important privacy and data confidentiality considerations around the EAR method are discussed.

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