Does managerial turnover affect football club share prices?

Article English OPEN
Bell, Adrian; Brooks, Chris; Markham, Tom;
  • Publisher: Instituto de Estudios Bursátiles

This paper analyses the 53 managerial sackings and resignations from 16 stock\ud exchange listed English football clubs during the nine seasons between 2000/01 and\ud 2008/09. The results demonstrate that, on average, a managerial sacking results in a\ud post-announceme... View more
  • References (25)
    25 references, page 1 of 3

    Panel B: Sackings 25-Feb-01 Queens Park Rangers 24-Jan-02 Aston Villa 15-Mar-02 Preston North End 06-Apr-02 Leicester City 20-Nov-02 Sunderland 14-May-03 Aston Villa 13-Feb-04 Southampton 23-Jun-04 Southampton 05-Nov-04 Tottenham 10-Mar-05 Manchester City 08-May-05 Millwall 03-Dec-05 Southampton 08-May-06 Charlton Athletic 16-May-07 Sheffield United 19-Nov-07 Birmingham City 23-Jan-08 Southampton 05-Jun-09 Watford n Davies, T. (2010). Martin O'Neill resigns as Aston Villa manager, The Guardian, 9 August 2010. Available from: < aston-villa> [Accessed: 20 November 2012].

    n Dherment-Ferere, I. and Renneboog, L. (2002). Share Price Reactions to CEO Resignations and Large Shareholder Monitoring in Listed French Companies, in Convergence and diversity of corporate governance regimes and capital markets (eds. McCahery, J. et al.), Oxford University Press, Oxford, pp. 297-324.

    n Dedman, E. and Lin, S. (2002). Shareholder Wealth Effects of CEO Departures: Evidence from the UK, Journal of Corporate Finance, 8(1), pp. 81-104.

    n Denis, D.J. and Denis, D.K. (1995). Changes Following Top Management Dismissals, Journal of Finance, 50(4), pp. 1029-1057.

    n Edmans, A., García , D. and Norli, Ø (2007). Sports Sentiment and Stock Returns, Journal of Finance, 62(4), pp. 1967-1998.

    n Farrell, K. and Whidbee, D. (2003). Impact of firm performance expectations on CEO turnover and replacement decisions, Journal of Accounting and Economics, 36, pp. 165-196.

    n Fotaki, M., Markellos, R.N. and Mania, M. (2009). Human Resources Turnover as an Asset Acquisition, Accumulation and Divestiture Process, Working paper, Athens University of Economics and Business. Available from: <> [Accessed: 22 November 2012].

    n Franks, J., Mayer, C., & Renneboog, L.D.R. (2001). Who disciplines the management of poorly performing companies?, Journal of Financial Intermediation, 10(3/4), pp. 209-248.

    n Gallagher, D. (2003). Investment manager characteristics, strategy, top management changes and fund performance, Accounting and Finance, 43, pp.283-309.

    n Gallagher, D. and Nadarajah, P. (2004). Top Management Turnover: An Analysis of Active Australian Investment Managers, Australian Journal of Management, 29, pp. 243-274.

  • Metrics
    views in OpenAIRE
    views in local repository
    downloads in local repository

    The information is available from the following content providers:

    FromNumber Of ViewsNumber Of Downloads
    Central Archive at the University of Reading - IRUS-UK 0 229
Share - Bookmark