Human resources turnover as an asset acquisition and divestiture process: Evidence from the U.K. football industry
研究了英国足球俱乐部球员转会（人力资源流动）对股价的影响，发现收购球员导致负异常回报，出售球员则相反，表明股东认为经理人收购时支付过高。
Abstract We shed light on the drivers and consequences of turnover in human resources for the U.K. football industry. We employ an event study using daily panel data of player transfers for a group of listed U.K. football clubs. Our results suggest asymmetric wealth effects: the acquisition of players is associated with negative abnormal club stock returns while player sales have an opposite effect. According to our findings, shareholders perceive that football managers overpay to acquire human resources. Our discussion draws possible links to the corporate finance literature which deals with the purchase and sale of firms and assets.