Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Second Department


Reader 1

Richard Burdekin

Terms of Use & License Information

Terms of Use for work posted in Scholarship@Claremont.

Rights Information

© 2017 Tanvi Bhargava


The present paper explores the effects of championships won and financial stability of the clubs on share price returns for publicly traded football clubs in Europe. The study uses samples from 2012-2017 of 14 publicly traded clubs on different exchanges such as Borsa Italiana, London Stock Exchange, New York Stock Exchange, Germany Stock Exchange, Paris CAC Index, Borsa Lisbon, Copenhagen Stock Exchange as well as the Turkish Stock Exchange. The initial analysis assesses share price returns’ links with team performance and team financial variables as well as two indices: STOXX 600 Market Index and the STOXX Football Index. Further analysis includes looking at revenues and the different variables that affect returns to see the correlation and understand profitability vs win maximization due to the effect of sugar daddy owners. There appears to be a negative and significant correlation between profit margin and returns, and I also conduct event studies for the biggest transfers of the clubs and conclude that in the short term, there is a significant effect on share prices when transfers occur.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.