The Impact of Transfer Fees on Professional Sports: An Analysis of the New Transfer System for European Football*
评估欧洲足球新转会制度对工资、利润、合同期限和投资激励的影响，发现新制度降低球员总收益并削弱俱乐部培养年轻球员的激励。
Abstract We evaluate the effect of the recently approved transfer system for European professional football which will replace the current system (implemented by the Bosman judgment in 1995). The focus is on the comparison of wages, profits, the length of contracts and investment incentives. Our main findings are that (i) the new regime reduces a player's overall payoff because it increases the new club's renegotiation payoff, and (ii) since training generates a general skill, the new regime will also diminish incentives to invest in the education of young talents, because a new club benefits more from the initial club's investment.