Brandes, Leif; Franck, Egon; Theiler, Philipp - 2012
football. Based on a novel two-stage estimation procedure, we find clear evidence for heterogeneity across teams. In a first …. A team’s group size is positively correlated with its memberships (ˆρ =0.61, p<0.01), fan clubs (ˆρ =0.59, p<0.01), and … merchandising revenues (ˆρ =0.49, p<0.05). Noteworthy, no similar correlations can be found for a team’s hometown population which …
