Date of Completion


Document Type

Honors College Thesis


School of Business Administration

First Advisor

Michael Tomas III


Football, Finance, Share Price, Europe, Soccer


Unlike most American sports, European football clubs have the luxury of acquiring or selling players for a “transfer fee”. Because some European clubs are publicly held, these transfers often have an immediate impact on share price. This study will examine the effect of transfers of different magnitudes on the share prices of several publicly held European football clubs. A key portion of this thesis revolves around an adaptation of H.H.T. Peter’s and Douros Athanasios’s 2013 studies “Share Price Reaction to Football Transfers” and “The Market Reaction to Football Player Transfers in Europe” to analyze the effect of “High”, “Medium”, or “Low” transfer fees defined as a percentage of the team’s total market transfer value at the time of the announcement. This addition will make assumptions regarding the impact of expensive or inexpensive transfers on share price that can be applied to a club of any size.


The full contents of this thesis are available only in the Honors College office.

Creative Commons License

Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License.