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The Market for Player Rights: Trading and Price Manipulation in European Soccer, 2015-2023
Financial distress is widespread in European soccer, posing systemic risks that extend beyond individual clubs. A critical externality arises when insolvent teams are replaced by less competitive entrants, reducing overall league quality and social welfare. We develop a theoretical model that formalizes this mechanism and shows how UEFA’s Financial Fair Play (FFP) regulations can enhance welfare by internalizing the externality. Using granular data on over 8,900 player transfers across 20 European leagues (2015？2023) and controlling for player characteristics, we document that cross-transfers ―bilateral player exchanges― are associated with capital gains that are 37% higher than standard transfers. This finding illustrates how regulations designed to improve market stability can paradoxically incentivize creative accounting practices, exemplifying the broader phenomenon of regulatory offset effects.
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