Pedro Garcia-del-Barrio

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• Associate Professor | Profesor Agregado (Titular) - Economics
• Associate Professor (Titular) at Universidad de Navarra

This paper examines the transition to a new media-dependent business model for professional sport. The empirical analysis studies to what extent the media exposure of football clubs affects their priorities and shapes this entertainment industry. The debate on the clubs’ objectives is discussed based on a media visibility index. This proxy variable...

Professional sports are part of the entertainment industry; as such, its business is developed based on the perceived interest in sporting events, which in turn depends on features like: the (i) degree of competitive balance that determines the uncertainty of the outcome; the (ii) concentration of gifted players in a team, whose interaction of tale...

Purpose The paper aims to revisit the debate on the priorities of football clubs in talent hiring with respect to maximizing sporting performance or economic profitability. Based on the degree of media exposure of the clubs, we examine whether the clubs’ objectives include, in addition to the classic twofold choice, the aspiration of club managers...

Purpose The purpose of this paper is to examine the degree of persistence in four precious metal prices (i.e. gold, palladium, platinum and silver) during the last four US recessions. Design/methodology/approach Using daily price data for gold, palladium, platinum and silver running from July 2, 1990, to March 21, 2022, and dating of business cycl...

El presente estudio se enmarca en el contexto de la industria de espectáculos deportivos, partedel sector del entretenimiento. El talento deportivo, así como la visibilidad mediática que otorgadicho talento, son activos valiosos y a menudo no replicables, que explotan los clubs de fútbol.En este artículo, de naturaleza empírica, usamos una amplia b...

This paper evaluates the soccer clubs’ compliance with a potential wage-to-revenue requirement by UEFA, and studies the effect on sport achievements resulting from sports and managerial skills. The empirical analysis uses data on first division teams of the Premier League, La Liga, Serie A, and Ligue 1, from seasons 2009/10 to 2018/19. We measure t...

The literature acknowledges "Uncertainty of Outcome" (UO) as a major factor to explain the degree of interest that sporting competitions draw from fans and the general public. Uncertainty about the championship winner is crucial insofar as financial success depends on the capacity to attract potential consumers of spectacle. This paper focusses on...

This paper contributes to understanding the financial situation of the European football clubs and the role of their media visibility and historical brand status. By estimating production and revenue equations, the study tests hypotheses concerning the relationships between teams’ sport performance (current and past), historical status, media expos...

The main goal of this paper is to evaluate the players’ contribution and economic value in the soccer industry. Media visibility records provide us with comparable metrics to identify talent and make hiring decisions—these records can jointly capture sport (on-field) skills and other attractive (off-field) abilities. This paper presents a valuation...

This paper contributes to the understanding of the modern sports industry in an international context. Two alternative approaches are adopted for establishing the hierarchy of team-sport leagues globally and for researching to what extent professional European football might have gained dominance relative to the major North American sports leagues....

OBJECTIVE: The ranking of countries in the Olympic Games generates a great deal of interest among analysts, academics, and fans. This article proposes an innovative approach to provide Olympic medals (gold, silver, and bronze) with different weights based on metrics of popularity and media visibility and create an alternative historical ranking. ME...

This paper examines how players compete in the global media showcase as well as in the sporting field. Special attention is paid to the role that players’ rivalries might have to raise the interest on particular sport disciplines worldwide. The paper initially compares the individuals’ media status, as a way to measure of the degree of attention th...

Institutional and legal reforms applied in the context of sport competitions often provoke structural changes that can be empirically investigated. Using a data set of 560 observations (20 teams per season, from 2009/10 to 2015/16, of teams playing in the Premier League, La Liga, Serie A and Ligue 1), this paper examines how the UEFA Financial Fair...

Despite the large revenue growth rates exhibited in the main European football leagues, clubs seldom make profits. This paper applies SEM techniques to revisit the thrilling debate on whether maximising profits or sport performance is more realistic to describe clubs owners’ decisions at hiring talent. Earlier papers advocate that football clubs us...

In this paper we analyse empirically the factors explaining the degree of media visibility in four major European football leagues, by means of an econometric model in which clubs' visibility in the media is estimated as a function of clubs’ and leagues’ aggregate wages. Controlling for a number of factors, the analysis enables us to study the way...

In this paper we empirically analyse the factors explaining the degree of media visibility in four major European football leagues, by means of an econometric model in which the dependent variable (media visibility of clubs) is estimated on the basis of the relative and aggregate wages of the competition. Controlling for other factors, the analysis...

Purpose The purpose of this paper is to accomplish several goals. First, it studies the relevance of the sports sector as part of the entertainment industry. Second, it identifies promising markets within the sports industry, paying special attention to the relative importance of soccer in the context of team-sport leagues. Finally, the paper helps...

A well-known result with important policy implications is that an output increase is a necessary condition for social welfare to increase with third-degree price discrimination. In this paper, we explore the robustness of this result to the introduction of an assumption that is different than the conventional approach, namely preferences not being...

This paper evaluates intangible talent in two global industries of sports: European professional football and Formula One. We apply the MERIT approach (methodology for the evaluation and rating of intangible talent) to evaluate – through media value ratings – sport talent and economic contribution of Formula One drivers and football players. Indivi...

This article studies the determinants of box-office revenues in the motion picture industry. We first adopt an approach that takes into account quality signals (e.g. talent concentration, movie budget and Oscar awards, among others) to analyse the empirical relationship between category-specific parenthood ratings (R-ratings) and box-office revenue...

Economic theory has proved that income redistribution in imperfectly competitive markets can increase social welfare and lead to Pareto-improving situations. This paper shows that, under certain assumptions, self-financing tax subsidy schemes can have Pareto-improving effects also in a competitive framework. This result is achieved by exploiting ex...

This paper describes an approach based on media value to evaluate sport talent. We then apply this methodology to estimate the theoretical value of transfer fees for professional football players. First, we compute the individual index of media value and e xpressed it with respect to the average of the top 2,500 players included in our data set of...

Talent and popularity are major assets on which many sport businesses develop their economic activities. The business of professional football depends on the skills of players and has become one of the principal industries of entertainment. This paper uses media visibility ratings for appraising the sport talent and potential economic contribution...

This paper applies media value appraisals to measure the degree of identification that players and teams inspire in football supporters.Using a large data set of media value scores in season 2014/15, we rank the most popular football players and clubs worldwide; as well as the teams’managers with the greatest media value exposure. Then, building up...

This chapter assesses the economic value of intangible assets in the tennis industry. More specifically, it establishes procedures to measure the intangible talent of players based on their exposure in the mass media. In addition to ranking the media value of professional tennis players (both men and women), we examine some issues related to the co...

El sector de las Empresas de Trabajo Temporal (ETT) experimentó un fuerte crecimiento en la década de los 90, hasta estabilizarse en torno al 15% de la contratación temporal en España. Aún más significativa es la fuerte disparidad regional en el recurso a las ETT que existe entre las provincias españolas. A partir de un sencillo modelo teórico, y c...

Some industries exhibit external economies of scale. In these cases, government intervention may generate increases of welfare through tax-subsidy programmes and advanced purchasing commitments. The issue is initially examined for the case of competitive markets in a long-run equilibrium. Then, taking the vaccines industry as an illustrative exampl...

This paper studies the excessive entry bias in a market with many firms. We show that the integer constraint may be relevant regardless of the number of firms. A more sensible interpretation of one of the assumptions proposed by Mankiw and Whinston (RAND J Econ 17(1):48–58, 1986) plays a major role in the importance of the integer constraint. Conse...

This paper analyses efficiency drivers of a representative sample of Spanish football clubs by means of the two-stage data envelopment analysis (DEA) procedure proposed by Simar and Wilson (J Econ, 136:31–64, 2007). In the first stage, the technical efficiency of football clubs is estimated using a bootstrapped DEA model in order to establish which...

This article analyses technical efficiency of football clubs in the Spanish Football League Division 1 (Primera Liga) from the seasons 1995-1996 to 2004-2005 with an unbalanced panel data. The random frontier model is used, allowing the identification of random variables in the cost frontier. It is concluded that the price of capital investment, th...

This paper analyses the influence of sport performance (productivity) and other variables measuring the economic contribution of soccer players, upon the coach's decision of selecting a particular player. Using as dependent variable the proportion of time that individuals play in the Spanish professional soccer league, the paper concludes that play...

In this paper we estimate the best responses of soccer clubs to the choices of other clubs in Spanish and English leagues over the period 1994–2004. We find that choices are more closely approximated by win maximization than by profit maximization in both leagues. We examine club characteristics that might explain variations in choices between Span...

This article aims to re-examine the persistence of unemployment in Spain. For this purpose, we use time-series and cross-section analysis. From a time-series viewpoint we disaggregate unemployment by regions, and use unit root tests, AR coefficients and fractional differencing parameters as indicators of persistence. For the cross-section approach,...

Describir cómo funciona el mercado de trabajo o explicar la naturaleza y causas del paro representa un reto notable. A lo largo de estas páginas se abordan cuestiones que son cruciales en cualquier economía, y donde los individuos se juegan su nivel de satisfacción y bienestar. Los contenidos del libro están agrupados en dos secciones bien diferenc...

This article identifies different groups in a cost function framework of soccer clubs ill the Spanish Football League First Division. In particular, we have Clustered the sample-comprising data for seasons 1994/1995 to 2004/2005-into three groups. To do so, we have implemented a stochastic frontier latent class model, a procedure that also permits...

Using the random stochastic frontier model, this paper examines the technical efficiency of the English football Premier League from 1998/99 to 2003/04. The model disentangles homogenous and heterogeneous variables in the cost function, which leads us to advise the implementation of common policies as well as policies by clusters.

The number of businesses whose activities are based on immaterial assets is growing very rapidly, which demands new ways of evaluating the economic relevance of intangible assets. The aim of this study is precisely to examine the Basketball World Cup 2006 -a particular experience within the industry of spectacle - through applying a novel methodolo...

El número de negocios que basan su actividad en activos inmateriales ha ido creciendo rápidamente, haciendo perentoria la tarea de identificar y medir el alcance de este tipo de intangibles. El propósito de estas líneas se dirige a analizar un espectáculo deportivo concreto -el Mundial de Baloncesto 2006- aplicando una metodología novedosa. El anál...

In labor markets where few companies compete for many workers, economic theory predicts monopsony rents. Surprisingly, soccer clubs do not profit from the expected rents. The purpose of this study is to explain such contradictory evidence. Our model and empirical test, using data obtained from the Spanish professional soccer league for the season...

The number of businesses whose activities are based on immaterial assets is growing very rapidly, which demands new ways of evaluating the economic relevance of intangible assets. The aim of this study is precisely to examine the Basketball World Cup 2006 -a particular experience within the industry of spectacle - through applying a novel methodolo...

In this paper we estimate the best responses of football clubs to the choices of other clubs in Spanish and English leagues over the period 1994-2004. We find that choices are more closely approximated by win maximization than by profit maximization in both the short term and the long term. We examine club characteristics that might explain variati...

The economic theory has proved that free entry is not always advantageous from a social welfare point of view. Fro instance, a number of inefficiencies can arise from free entry in the presence of fixed set-up costs. Then, an excessive number of firms can usually be settled in homogeneous produc markets within an imperfect competition framework. Th...

In the labour markets that gather few companies to compete for many workers, the economic theory predicts the existence of monopsony rents. It should also be the case of the Spanish soccer industry. However, the clubs of this league do not profit from the expected rents. The purpose of this paper is to explain such a contradictory evidence. Spanish...

The temporary help services (THS) industry has experienced an impressive growth, representing 16% of temporary hiring in Spain. At the same time it exhibits a remarkable regional disparity. The main purpose of this paper is to develop an appropriate theoretical model for analysing the THS phenomenon in the presence of unemployment. In addition, thi...

This paper analyses technical efficiency of football Clubs in the Spanish First league from 1995 to 2005 with an unbalanced panel data. The latent class frontier model is used allowing the identification of different segments in the cost frontier. It is found that there are two statistical significant segments in the sample. Therefore, it is conclu...

Economic theory has proved that income redistribution in imperfect competitive markets can increase social welfare and lead to situations in which all the economic agents involved improve their level of welfare. This paper shows that under certain assumptions self-financing tax subsidy schemes can also have pareto-improving effects in perfect compe...

Economic theory has proved that income redistribution in imperfect com- petitive markets can increase social welfare and lead to pareto-improving sit- uations. This paper shows that under certain assumptions self-flnancing tax subsidy schemes can also have pareto-improving efiects in perfect competitive markets, which stem from external economies o...

El número de negocios que basan su actividad en activos inmateriales ha ido creciendo rápidamente, haciendo perentoria la tarea de identificar y medir el alcance de este tipo de intangibles. El propósito de estas líneas se dirige a analizar un espectáculo deportivo concreto -el mundial de Baloncesto 2006- aplicando una metodología novedosa. El anál...

Por el papel que desempeña en los más diversos órdenes, y por su dimensión global, el fútbol merece una reflexión en profundidad. De una parte, su original naturaleza deportiva le convierte en cauce por el que promover valores educativos y de integración social, así como hábitos de vida saludable, uso adecuado del tiempo de ocio, etc. De otro lado,...

This paper aims to re-examine the persistence of unemployment in Spain. For this purpose, we use time series and cross-section analysis. From a time series viewpoint we disaggregate unemployment by regions, and use unit root tests, AR coefficients and fractional differencing parameters as indicators of persistence. For the cross-section approach, w...