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Theory of the Beautiful Game: the Unification of European Football
Scottish Journal of Political Economy, Vol. 54, No. 3, July 2007 r 2007 The Author Journal compilation r 2007 Scottish Economic Society. Published by Blackwell Publishing Ltd, 9600 Garsington Road, Oxford, OX4 2DQ, UK and 350 Main St, Malden, MA, 02148, USA THEORY OF THE BEAUTIFUL GAME: THE UNIFICATION OF EUROPEAN FOOTBALL John Vroomann Abstract European football is in a spiral of intra-league and inter-league polarization of talent and wealth. The invariance proposition is revisited with adaptations for win- maximizing sportsman owners facing an uncertain Champions League prize. Sportsman and champion effects have driven European football clubs to the edge of insolvency and polarized competition throughout Europe. Revenue revolutions and financial crises of the Big Five leagues are examined and estimates of competitive balance are compared. The European Super League completes the open-market solution after Bosman. A 30-team Super League is proposed based on the National Football League. In football everything is complicated by the presence of the opposite team. FSartre I Introduction The beauty of the world’s game of football lies in the dynamic balance of symbiotic competition. Since the English Premier League (EPL) broke away from the Football League in 1992, the EPL has effectively lost its competitive balance. The rebellion of the EPL coincided with a deeper media revolution as digital and pay-per-view technologies were delivered by satellite platform into the commercial television vacuum created by public television monopolies throughout Europe. EPL broadcast revenues have exploded 40-fold from h22 million in 1992 to h862 million in 2005 (33% CAGR). -
An Overview of Structural & Aesthetic Developments in Tall Buildings
ctbuh.org/papers Title: An Overview of Structural & Aesthetic Developments in Tall Buildings Using Exterior Bracing & Diagrid Systems Authors: Kheir Al-Kodmany, Professor, Urban Planning and Policy Department, University of Illinois Mir Ali, Professor Emeritus, School of Architecture, University of Illinois at Urbana-Champaign Subjects: Architectural/Design Structural Engineering Keywords: Structural Engineering Structure Publication Date: 2016 Original Publication: International Journal of High-Rise Buildings Volume 5 Number 4 Paper Type: 1. Book chapter/Part chapter 2. Journal paper 3. Conference proceeding 4. Unpublished conference paper 5. Magazine article 6. Unpublished © Council on Tall Buildings and Urban Habitat / Kheir Al-Kodmany; Mir Ali International Journal of High-Rise Buildings International Journal of December 2016, Vol 5, No 4, 271-291 High-Rise Buildings http://dx.doi.org/10.21022/IJHRB.2016.5.4.271 www.ctbuh-korea.org/ijhrb/index.php An Overview of Structural and Aesthetic Developments in Tall Buildings Using Exterior Bracing and Diagrid Systems Kheir Al-Kodmany1,† and Mir M. Ali2 1Urban Planning and Policy Department, University of Illinois, Chicago, IL 60607, USA 2School of Architecture, University of Illinois at Urbana-Champaign, Champaign, IL 61820, USA Abstract There is much architectural and engineering literature which discusses the virtues of exterior bracing and diagrid systems in regards to sustainability - two systems which generally reduce building materials, enhance structural performance, and decrease overall construction cost. By surveying past, present as well as possible future towers, this paper examines another attribute of these structural systems - the blend of structural functionality and aesthetics. Given the external nature of these structural systems, diagrids and exterior bracings can visually communicate the inherent structural logic of a building while also serving as a medium for artistic effect. -
10 Buildings That Redefined Their Cities
10 Buildings That Redefined Their Cities In the 30 years since the first issue of Azure, we’ve seen a boom in paradigmshifting architecture. Here are 10 of the best buildings – à la Gehry’s Guggenheim Museum in Bilbao – that prove how cities can be dramatically transformed by architecture. (http://www.azuremagazine.com/wpcontent/uploads/2015/02/Paris_Grande_Arche.jpg) 1 La Grande Arche de la Défense, Paris, by Johann Otto von Spreckelsen (1989) In the mid1960s, Paris planners broke with the city’s architectural traditions to establish a new downtown economic hub, resulting in Tour Montparnasse, a monolithic skyscraper quickly condemned as a visual blight on an otherwise picturesque skyline. So the stakes were high when, two decades later, President François Mitterand launched a competition for a structure that would anchor an allnew economic hub in the city’s less developed northwest corner. Johann Otto von Spreckelsen’s winning concept opened in 1989, two years after the architect’s death, extending the string of landmarks aligned with the Champs Elysées, from the Louvre to the Arc de Triomphe. The white window like box of La Grande Arche soon began to draw the energy of the city towards its farflung district, enticing new hotels and corporate towers like a feeder attracting birds. Today, La Défense is a thriving financial centre: Morphosis’s sinuous Phare tower (http://morphopedia.com/projects/pharetower) is currently under construction right next door. (http://www.azuremagazine.com/wpcontent/uploads/2015/02/ChurchofLightbyTadaoAndo.jpg) 2 Church of the Light, Osaka, Japan, by Tadao Ando (http://www.tadaoando.com/index_eng.html) (1989) Tadao Ando has earned accolades for various reasons, which include bringing global attention to Japan’s postwar architecture and its refined minimalism, and turning reinforced concrete into architectural poetry (http://www.azuremagazine.com/article/tadaoandosconcretepoetry/). -
Soccer, Stock Returns and Fanaticism: Evidence from Turkey
Available online at www.sciencedirect.com The Social Science Journal 46 (2009) 594–600 Research note Soccer, stock returns and fanaticism: Evidence from Turkey M. Hakan Berument a,∗, Nildag Basak Ceylan b, Gulin Ogut-Eker c a Department of Economics, Bilkent University, Ankara, Turkey b Department of Management, Atilim University, Ankara, Turkey c Department of Turkish Language and Literature, Hacettepe University, Ankara, Turkey Abstract This paper assesses the effect of three major soccer teams’ wins on the returns of the Istanbul Stock Exchange (ISE). We argue that the effect of soccer wins on ISE returns increases with the fanaticism of the teams’ supporters. © 2009 Western Social Science Association. Published by Elsevier Inc. All rights reserved. 1. Introduction This paper reports the estimates of an empirical exercise that ties the success of Turkey’s three major soccer1 teams (Bes¸iktas¸, Fenerbahc¸e and Galatasaray), each having a more or less equal number of fans across the country, to stock market returns by using the daily data from Turkey from July 3, 1987 to November 10, 2006. The hypothesis that we tested in this paper is whether the returns on the Istanbul Stock Exchange (ISE) can be associated with the wins of teams and the strength of the emotional ties that supporters who happen to be brokers/traders have to their teams. To be specific, we are concerned with three questions: (i) Are the wins of the three soccer teams associated with higher returns? (ii) Are the returns different, depending on which team won? (iii) Are these returns tied to the fanaticism of the fans of these three teams? In behavioral finance, emotional and visceral factors are often considered important deter- minants of asset pricing (see Stracca, 2004). -
Football Economy Report for 2014-2015 / 2015-2016 Seasons Table of Contents Message from Ceo
FOOTBALL ECONOMY REPORT FOR 2014-2015 / 2015-2016 SEASONS TABLE OF CONTENTS MESSAGE FROM CEO 01 MESSAGE FROM CEO oday, football became a global show industry with its meaning, millions of fans it addresses and its econo- mic volume. Every day, new actors emerge in the football industry where the sports clubs are in a tight race 02 GENERAL ASSESSMENT OF FOOTBALL ECONOMY Tfor branding, institutionalization, investment in infrastructure, creation of new revenue and investment areas, apart from the sportive struggle in the local and international platforms. In this period, it is possible for the in- 04 AN OVERVIEW TO 3 MAJOR REVENUE ITEMS OF FOOTBALL ECONOMY corporated football clubs to achieve their goals through not only sportive achievements but also sustainable and 06 Matchday revenues right financial managements. Total growth of the football industry in our country accounts for more than 2 billion Turkish Liras. Turkish football needs for a management model to diversify its revenue sources, independent from 10 Broadcasting revenues the sportive performance, in order to be able to compete with the major leagues in Europe and become a global 12 Commercial revenues brand. 3 main revenue items of the sports clubs consist of broadcasting revenues, commercial revenues and matchday revenues. Any source to be created for the clubs by managing these items rationally will have positive 18 FINANCIAL FIGURES OF SPOR TOTO SUPER LIG FOR THE FOOTBALL SEASONS 2014-2015 AND 2015-2016 impacts on the parameters of our football. 20 Financial volume of Spor Toto Super Lig As Aktif Bank, we intend to contribute to the development of Turkish sports through the services we provide 21 Matchday revenues in the last 2 years by means of financial support models for the long-term investments of the clubs and our subsidiaries. -
A Perfect Show... TÜRK TELEKOM in BRIEF 14 Türk Telekom Group 16 Vision, Mission and Corporate Values 17 History 2014
TÜRK TELEKOMÜNİKASYON A.Ş. ANNUAL REPORT 2014 A perfect show... TÜRK TELEKOM IN BRIEF 14 Türk Telekom Group 16 Vision, Mission and Corporate Values 17 History 2014 2014 AT A GLANCE 20 Highlights 24 Key Performance Indicators 30 Operational Indicators 36 Awards MANAGEMENT 38 Message from the Chairman 40 Assessment of the Board of Directors 44 The Board of Directors of Türk Telekom 48 The Board of Directors and Committees 49 Statutory Audit Board 50 Message from Türk Telekom CEO 54 Türk Telekom Management 60 CEOs OF Türk Telekom Group Companies 62 Organizational Structure and changes 64 Capital Structure and Changes ACTIVITIES IN 2014 65 Sector Outlook 70 Türk Telekom Group Operations 78 Türk Telekom Group Companies 78 AVEA 94 TTNET 106 AssisTT 108 Turk Telekom International 110 Innova 112 Argela 114 Sebit 116 Türk Telekom Investments and Infrastructure Projects 120 R&D and Innovation Activities 122 Türk Telekom Human Resources 126 Investor Relations 128 Corporate Social Responsibility 130 Sustainability Initiatives CORPORATE GOVERNANCE 135 Important Developments after the Accounting Period 136 Dividend Distribution Proposal 138 Conclusion of Affiliation Report 139 Corporate Governance Principles Compliance Report 160 Statement of Independence FINANCIAL INFORMATION 164 Statement of Responsibility 167 Independent Audıtors’ Report Related to Annual Report 169 Independent Auditors’ Report and Consolidated Financial Statements 278 Glossary As Türk Telekom, Turkey’s leading communication and convergence technologies group, we showed a strong performance in 2014, as well. We added new achievements to our existing ones. We jumped higher, looked further. We had millions of new customers that met with our innovative products and services. -
Foreign Ownership and Local Fans: Turkish Football Fans' Perspective
Physical Culture and Sport. Studies and Research, 2021, 89, 22–33 DOI: 10.2478/pcssr-2021-0003 Foreign ownership and local fans: Turkish football fans’ perspective Authors’ contribution: Mücahit Fişne1A-B-E , Sait Bardakçı2B-C-E , A) conception and design Syed Ali Hasaan3A-D of the study B) acquisition of data 1Faculty of Sport Sciences, Sivas Cumhuriyet University, Sivas, Türkiye C) analysis and interpretation 2Faculty of Economics & Administrative Sciences, Sivas Cumhuriyet University, Sivas, of data Türkiye D) manuscript preparation 3 E) obtaining funding Institute of Research & Advanced Studies IRAS, Multan, Pakistan Received: 27 March 2020 Mücahit Fişne, Sport Management Department, Faculty of Sport Sciences, Sivas Accepted: 17 November 2020 Cumhuriyet University, 58140, Sivas, Türkiye, Email: [email protected] Abstract Foreign investors have been very active in football clubs in many different countries. These clubs see significant benefits from foreign investment. However, in Turkey, this practice has not yet been implemented. Furthermore, there has been no general discussion about the applicability of this system in Turkish clubs, despite almost all Turkish football clubs being in a state of financial turmoil. To fill this void, this study aims to research the views of Turkish football fans regarding the possible sale of their club to a foreign investor. A total of 1172 football fans across Turkey completed a questionnaire form for the research. The distributions of fans’ views were analyzed by forming crosstabs and using the chi-square test of independence. A total of 66.8% of Turkish fans who participated in the research are against the possible sale of their club to a foreign investor, while 33.2% of the fans support this situation. -
The Effect of Player Transfers on Stock Prices
Master Thesis The effect of player transfers on stock prices An event study on European listed football clubs D. de Bakker BSc ANR: 874098 Supervisor: Prof. Dr. L.D.R. Renneboog Second reader / Chairperson: Dr. O.G. De Jonghe Department of Finance Graduation date: 14-11-2016 Abstract This study is conducted in the field of behavioral finance where certain events, in this case player transfers, are linked to asset prices. For 15 listed football clubs, player transfers as well as player and club characteristics have been examined for their effect on the stock price of the accompanying club through affecting the mood of investors. The results show that investors do appreciate both the acquiring of players as well as selling them, since significant higher stock prices were found at the first, second and 9th day after the deal was closed. These effects were also found on the short term, namely for the interval from the day before until the day after the transfer deal. Moreover, the more fees a team receives from transfers, the stronger the positive relationship between transfers and stock returns tends to be. This holds especially for the acquisition of middle aged experienced players, while buying a particular younger or older player for a high fee is followed by a negative impact on the stock price of buying clubs. This confirms the ‘overpricing’ effect partially, since the effect is not incorporated in all transfer making. The higher a club’s interest coverage, the lower stock returns are after sales, while higher stock prices are found after acquisitions whenever the club has high return on assets. -
The Relationship Between National Football Teams' Performance And
International Journal of Academic Research in Business and Social Sciences 2016, Vol. 6, No. 12 ISSN: 2222-6990 The Relationship between National Football Teams’ Performance and Stock Markets Professor Cengiz TORAMAN Department of Business Administration, Gaziantep University, Gaziantep/Turkey Email: [email protected] Mehmet SEYHAN Department of Business Administration, Gaziantep University, Gaziantep/Turkey Email: [email protected] Mehmet Fatih BUĞAN Department of Business Administration, Gaziantep University, Gaziantep/Turkey Email: [email protected] Yunus KILIÇ, PhD Department of Business Administration, Gaziantep University, Gaziantep/Turkey Email: [email protected] DOI: 10.6007/IJARBSS/v6-i12/2520 URL: http://dx.doi.org/10.6007/IJARBSS/v6-i12/2520 Abstract Investors may sometimes go out of rational behavior in markets depending on their moods. It is stated in the literature that one of the factors affecting the investors' mood is the results of football matches. In this research, the effect of match results of national football teams on stock markets is examined. In this context, England, Italy, France, Spain and Turkey, where football is very popular, are included in the sample. Event study method, which is frequently used in the literature, is used. Findings show that the results of the matches in different countries cause different reactions in the markets; no common result for all countries is obtained. Keywords: National Teams’ Performance, Football Matches, Sports Economics, Cumulative Abnormal Return (CAR) 1. Introduction The idea that individuals are not rational in taking investment decisions is claimed and supported by many researchers especially after the emergence of behavioral finance. Individuals may show irrationality or limited rationality in their investment decisions due to psychological reasons. -
Contractual Stability in Professional Football 0
CONTRACTUAL STABILITY IN PROFESSIONAL FOOTBALL 0 Contractual Stability in Professional Football: Recommendations for Clubs in a Context of International Mobility Diego F. R. Compaire (Italy/Argentina) Gerardo Planás R.A. (Paraguay) Stefan-Eric Wildemann (Germany) July 2009 This research was written as a Master Thesis for the FIFA International Master (MA) in Management, Law and Humanities of Sport and was awarded the “Professor Madella Award” for the best project of the 9th Edition. CONTRACTUAL STABILITY IN PROFESSIONAL FOOTBALL i - EXECUTIVE SUMMARY - “Contractual stability is of paramount importance in football, from the perspective of clubs, players, and the public” FIFA Circular Letter 769. Contemporary football is caught between two very powerful concepts: the freedom of movement of players on the one side and contractual stability on the other. As it was shown by sport historians (Lanfranchi and Taylor, 2001), international migration has been part of football from the beginning. The decisions made by the European Court of Justice in relation to the Bosman case in 1995 entailed some large-scale changes in the transfer system of professional footballers. In particular, players could now freely move within the European Union at the end of their contract as any transfer fees for out-of contract players were declared illegal. Second, the ‘3+2’ rule was abandoned for EU nationals. Certainly, these legal decisions have stimulated the freedom of movement of players. As can be observed from the profile of expatriates in the top 5 European leagues (England, Spain, Italy, Germany and Spain), cultural, historic and structural reasons continue to play a vital role in the migration patterns of players (Poli, 2008). -
Vertical Velocity: Taiwan Home to World's Fastest Elevators
___________________________________________________________________________ FOR IMMEDIATE RELEASE Vertical Velocity: Taiwan Home to World's Fastest Elevators Hamburg, January 23, 2013 – The elevators currently the fastest in the world were manufactured by the Japanese corporation Toshiba. Passengers are catapulted at a speed of 1,010 meters per minute, or 60 km/h, from the fifth to the 89th floor of Taipei 101. The ride in this Ferrari among elevators lasts a mere 37 seconds, at the end of which passengers step out already 382 meters above the ground at the observation floor of Taiwan's tallest building. Elevator speeds researched by Emporis, the international building-data provider (www.emporis.com ), emphasize the pole position of the elevators in Taipei 101 : the world's second-fastest, located in the Yokohama Landmark Tower , "only" manages a speed of 750 meters per minute. The world's tallest building, Burj Khalifa , only occupies third place in the list, with a maximum elevator speed of 36 km/h. The skyscraper of superlatives does however offer the world's fastest double- decker elevators. What is more, the double-deckers' passengers are also able to travel the longest distance currently possible in an elevator, exiting after a ride of 504 meters at the world's highest stop, 638 meters up the building. Overall, the race for the world's fastest elevator is clearly being run in Asian cities. The elevators in Chicago's John Hancock Center are the only ones not in Asia. What is more, 2014 will see a further attraction added to the continent: the elevators that Mitsubishi is set to install in the Shanghai Tower will take over as the world's fastest at a speed of 64.8 km/h. -
Istanbul Intrigues
Istanbul Intrigues by Barry Rubin, 1950-2014 Published: 1989 J J J J J I I I I I Table of Contents Author‘s Note Preface Poems & Chapter 1 … Diplomacy by Murder. Chapter 2 … Sailing to Istanbul. Chapter 3 … Intimations of Catastrophe. Chapter 4 … At the Court of Spies. Chapter 5 … The Last Springtime. Chapter 6 … The Front Line Comes to Istanbul. Chapter 7 … The Story Pursues the Journalists. Chapter 8 … The Americans Arrive: 1942-1943. Chapter 9 … American Ignorance and Intelligence. Chapter 10 … The Archaeologist’s Navy: The OSS in the Aegean, 1943-1944. Chapter 11 … Dogwood’s Bark: OSS Successes in Istanbul. Chapter 12 … Dogwood’s Bite: The Fall of OSS-Istanbul. Chapter 13 … Rescue from Hell. Chapter 14 … Germany’s Defective Intelligence. Chapter 15 … The Valet Did It. Chapter 16 … World War to Cold War. Epilogue Selective List of Code Names for OSS-Turkey Intelligence Organizations Interviews Acknowledgements J J J J J I I I I I Author‘s Note This is the story of Istanbul—but also of Turkey, the Balkans, and the eastern Mediterranean—during World War II, based on extensive interviews and the use of archives, especially those of the OSS, which I was the first to see for this region. The book is written as a cross between a scholarly work and a real-life thriller. The status of Turkey as a neutral country made it a center of espionage, a sort of actual equivalent of the film Casablanca . Aspects of the story include the Allied-Axis struggle to get Turkey on their side; the spy rings set up in the Middle East and the Balkans; the attempts of Jews to escape through Turkey; the Allies’ covert war in Greece, Yugoslavia, Hungary, and other countries; and the first accurate account of how the Germans recruited the British ambassador’s valet as a spy, who could have been their most successful agent of the war if only they had listened to his warnings.