We shed light on the drivers and consequences of turnover in human resources for the UK football industry. We employ an event study using daily panel data of player transfers for a group of listed UK football clubs. Our results suggest asymmetric wealth effects: the acquisition of players is...

Investors often adopt mean-variance efficient portfolios for achieving superior risk-adjusted returns. However, such portfolios are sensitive to estimation errors, which affect portfolio performance. To understand the impact of estimation errors, I develop simple and intuitive formulas of the...

This paper investigates the uncertainty about the trading costs associated with a given portfolio strategy. I derive accurate approximations of the ex ante probability distributions of proportional trading costs and portfolio turnover under the conventional assumption of normal asset returns....