Brands or Uncertainty? An Empirical Test of the Uncertainty of Outcome Hypothesis in Russian Football
This is the first fundamental textbook on the problems of regulation football. It introduced the concept of football law as the latest substructure of sports law and part of the legal system. The author generalized, systematized and commented the existing legal base in the field of football. The practice of application of regulations is analyzed, areas of improvement is identified. The experience of football relations regulation in foreign countries is analyzed. For students, graduate students and teachers of economics, jurisprydence and physical cultura schools and faculties, researchers, sports managers and sports agents, legal specialists, employees of sports organizations and the relevant governing bodies, athletes, coaches, referees and sports doctors, to all citizens engaged in physical culture and sports.
The article deals with the theory of monopolistic competition under demand uncertainty. The authors consider the economy with labor immobility consisting of the high-tech sector with monopolistic competition and the standard sector with perfect competition. Preferences between sectors are specified by the Cobb – Douglas production function. It is assumed that companies make output decisions under preferences uncertainty and consumers’ distribution by sectors will be known by the time of realization. It means that firms are informed about consumer demand with accuracy up to a multiplicative uncertainty which is generated by random parameters in the Cobb – Douglas utility function. The paper shows that demand uncertainty leads to consistent growth of prices and wages in high-tech sector in relation to salaries in the second sector. The impact of uncertainty on welfare is ambiguous. In particular, under the known expected value of uncertainty customers derive benefit from exaggerated companies’ expectations about clients’ desire to consume high-tech goods.
In this paper we deal with mathematical modeling of team sport games based on cellular automata (CA). We describe some developments of CA models of football. Presumable learning and optimization problems in team modeling based on CA are discussed. Some general problems are discussed which are related to the accounting of mentality of game participants.
Recent developments in international football governance seem to be progressively leading toward an increasing use of technological devices for refereeing purposes. Opponents to change are often portrayed as old-fashioned or conservative. Philosophy might be of some help to overcome the dispute. In this paper, we first explore several concepts that are central to the current debate on football refereeing. Then, we determine the business of referees in relation to rules. We assess different arguments displayed regarding the role of chance and skills in competitions. Finally, we argue for the idea of referees as full players in football games.
The new concept of football law as a modern substructure of sports law and legal system element is introduced. The existing legal base in the field of football is summarized, organized and analyzed. It is substantiated football law as the latest sphere of scientific jurisprudence and academic discipline, their content and structure are defined. Much attention is paid to the regulation of administrative relations in football.
Research question: This paper investigates how football sponsorship influences the financial performance of sponsors. We suggest a new instrumental variable to avoid endogeneity.
Research methods: We use an instrumental variable regression framework combined with a fixed effects model. The number of tweets containing both team and sponsor names are collected to use as the instrumental variable.
Results and findings: We analyze top European leagues. Our results show that football sponsorship is more charity than commercial investment. The analysis of determinants of becoming a sponsor and sponsorship amount shows that companies owned by individuals are more likely to become a sponsor.
Implications: Shareholders should be aware of sponsorship deals, and senior management should analyze the financial assumptions of such projects carefully.
The paper contains empirical estimates of how behavioral factor (an attitude towards risk), rationality and uncertainty influence on investment decisions (capital investment) of Russian companies. The research is guided by the models of Sandmo (1971), Bo and Sterken (2007). We have tested a hypothesis, that risk preferring companies tend to grow investment, while risk averse companies are more likely to decrease the number of investment projects under uncertainty. The following rational variables, explaining investment policy, are included into the model: sales growth, market power, return on equity, debt to equity ratio, current liquidity. Since the time span of the research includes both the crisis period (years 2008, 2009) and the period before the crisis (2004-2007) we have also estimated the time effect on the companies’ investments.
The following estimators have been used to get the results: ordinary least squares; fixed effects model; random effects model; panel data models with binary variables controlling time effects; Hausman-Teylor’s model, generalized method of moments.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.