Sascha Kolaric

Catch Me If You Can: Referee–Team Relationships and Disciplinary Cautions in Football

The central hypothesis of this study is that relationships develop systematically between referees and teams and affect referees’ decisions. Referees’ travel distance to respective stadiums and count of matches refereed for respective teams are used to measure long-term relationships. We find some evidence that the count of referee–team interactions affects disciplinary cautions in lower divisions of the English Football League. This is less evident in higher divisions where, however, distances between referees’ hometowns and stadiums appear to play a role. The influence of distance further increases with the extent of referees’ experience with the respective teams.

Fußball und Anlegerverhalten im internationalen Vergleich: Evidenz von 12 Kontinentalmeisterschaften

ZusammenfassungDiese Studie analysiert die Spielergebnisse von 12 kontinentalen Fußballmeisterschaften (Europa-, Asien- und Südamerikameisterschaft) zwischen 1998 und 2012 und deren Auswirkungen auf die Aktienmärkte der teilnehmenden Länder. Im Ergebnis zeigen sich bemerkenswert gleichartige Reaktionen über die drei Kontinente hinweg. Diese Reaktionen fallen asymmetrisch aus. Während eine Niederlage in einem Spiel der Meisterschaften, unabhängig von der Phase (Qualifikation oder Endrunde), am ersten Handelstag nach dem Spiel mit Kursverlusten einhergeht, fallen die Kursverluste umso größer aus, je wichtiger das Spiel ist. Für Siege können insgesamt keine positiven Effekte auf die nationalen Aktienmärkte beobachtet werden. Für die Endrundenspiele der letzten vier Fußballweltmeisterschaften lassen sich ähnliche Ergebnisse beobachten. Unerwartete Ergebnisse bei Kontinentalmeisterschaftsspielen haben einen größeren Einfluss auf Aktienmärkte als erwartete, dies gilt insbesondere für unerwartete Siege.AbstractThe present study analyses the results of 12 continental football cups, the European, Asian and South American championships, between 1998 and 2012 and their effects on the national stock markets of the participating countries. The empirical analysis shows that markets on all three continents react in a remarkably similar fashion and that these reactions are asymmetric in nature. Losses lead to negative capital market reactions, independent of the stage of the tournament. This negative effect increases as games gain in importance. Wins, on the other hand, do not have a positive effect on capital markets. Similar results can be observed for the games of the last four football World Cups. Unexpected results of continental Football Cup games lead to more pronounced capital market reactions than expected ones, especially for unexpected wins.

Forgive Me All My Sins: How Penalties Imposed on Banks Travel Through Markets

From 2005 to 2015, the 25 largest global financial institutions paid more than 285 billion US dollars in legal penalties, corresponding to approximately 20% of their market value. We examine the stock, bond, and CDS market reaction to the announcements of fines and settlements for banks. We document positive stockholder and bondholder valuation effects as well as a tightening of CDS spreads for banks to these resolution announcements. These reactions can be attributed to the resolution of uncertainty surrounding legal proceedings. Moreover, even though monetary penalties are cash-flow-effective, they are not income-effective in the year they are announced, suggesting that banks make adequate provisions for these penalties. In addition, we observe positive spillover effects to other banks facing pending lawsuits with the same plaintiff.

Bidders, Rivals, and Wealth Creation of the Banking Market Consolidation in the Asia-Pacific Region

We analyze the shareholder wealth implications of the financial sector consolidation in the Asia-Pacific region between 1995 and 2013. The results suggest that market power consideration play a prominent role when capital market participants value M&As between Asian financial institutions. Asian bidders achieve highly significant positive shareholder wealth effects, while their non-Asian peers obtain insignificant returns. Targets of non-Asian bidders earn significantly higher returns than targets of Asian bidders. At the same time, target rivals also stand to gain from further consolidation in the market. Overall, Asian bidders and their rivals profit from consolidation, particularly on the national level, suggesting that market power considerations may be a dominant motivation behind these mergers.

Return patterns of South Korean stocks following large price shocks

ABSTRACT This study tests the market efficiency of the South Korean stock market by examining returns on stocks of the constituents of the KOSPI 50 from 2000 to 2014 following large 1-month price decreases and increases. An exponential GARCH (EGARCH) event study framework is used to analyse the stock returns. The results show that large price shocks, positive and negative, are likely to be followed by positive market returns. Moreover, the results show an increase in the beta of stocks in the years following a large price shock. The overall results therefore support the Uncertain Information Hypothesis. However, beginning in 2008, return patterns more closely reflect those hypothesised by the Efficient Market Hypothesis, possibly due to increased participation by international investors. The observed returns following large price increases and decreases can be partially explained by changes in the Korean won to US dollar exchange rate and the trading behaviour of foreign investors.

Catch Me If You Can - Referee–Team Relationships and Disciplinary Cautions in Football

The central hypothesis of this study is that relationships develop systematically between referees and teams, and affect referees’ decisions. Referees’ travel distance to respective stadiums and count of matches refereed for respective teams are used to measure long-term relationships. We find some evidence that the count of referee-team interactions affects disciplinary cautions in Divisions 2 and 3 of the English Football League. This is less evident in the Premier League and in Division 1 where, however, geographic distances between referees’ hometowns and stadiums appear to play a role. Referees’ perception of the distance appears to further increase with the extent of referees’ experience with the teams. The effect of the relative distance on team advantage is stronger the higher the team’s relative stake in the game.

Fliehkraftadäquate Auslegung von Fräswerkzeugen

Kurzfassung Um die Sicherheit für den Mensch zu gewährleisten und eine Beschädigung von Maschine, Werkstück sowie Werkzeug auszuschließen, ist die Kenntnis der auftretenden mechanischen Belastungen bei der Fräsbearbeitung unverzichtbar. Fräswerkzeuge die bei sehr hohen Umfangsgeschwindigkeiten, zum Beispiel bei der Aluminium- und Magnesiumbearbeitung eingesetzt werden, müssen anhand der auftretenden Fliehkraftbelastungen ausgelegt werden. Die Schnittkräfte spielen bei diesen sich schnell drehenden Werkzeugen eine lediglich untergeordnete Rolle. Bei der Schruppbearbeitung von Guss- und Stahlmaterialien mit deutlich niedrigeren Schnittgeschwindigkeiten üben die Fliehkräfte kaum eine Belastung auf das Werkzeug aus. Die Auslegung basiert klassischer Weise auf den Belastungen durch Schnittkräfte. Auf Grund der Anwendung der HSC-Technologie und des Einsatzes verbesserter Schneidstoffe kommen, insbesondere auch bei Schlichtoperationen in Guss- und Stahlmaterialien, deutlich gesteigerte Schnittgeschwindigkeiten als bei der konventionellen Bearbeitung zur Anwendung. Deshalb wird in diesem Artikel untersucht, inwieweit durch den anhaltenden Trend zu steigenden Schnittgeschwindigkeiten bei der Guss- und Stahlbearbeitung eine fliehkraftadäquate Werkzeugauslegung notwendig ist.