Profit maximization, win optimization and soft budget constraints in professional team sports

Since Rottenberg (1956), Neale (1964), Davenport (1969), and Sloane (1971) published their seminal papers on the peculiar economics of professional team sports, the proportion of studies conducted in this field has grown considerably. Questions of competitive balance, labor market discrimination and the economic impact of hosting a professional league team are just a few examples of research that has added new and interesting insights to the sports economic literature. One central debate, however, remains highly relevant and demands further analysis: What happens when sport meets business in a process of commercialization, which has so clearly affected several team sports over the last 40-50 years? Are clubs essentially turning into profit maximizing business entities when they attain amounts of money not previously seen? Or is the process of commercialization rather a means to an end of winning trophies and championships for the fans and the owners themselves? This chapter introduces the debate on professional clubs’ objectives, whilst applying a new theoretical perspective that gives a more detailed understanding of how the environment affects managerial decision-making than the existing literature has previously provided. By broadening the scope and considering new theoretical insights on club behavior, it enables a matrix of new club categorizations to be presented. Examples of each categorization are given in order to illustrate the scope and understanding of the perspective

Can a small nation be competitive in the global sporting arms race? The case of Denmark

In 2014, the Danish elite sport organisation, Team Danmark (TD), celebrated its 30th anniversary. TD was founded by the government in response to the country’s decline in international standings. This study examines how Denmark’s international performance has developed in the global sporting arms race since then. It analyses how a small nation can improve its international competitiveness despite stagnating funding and growing international competition. The paper argues that the establishment of TD in 1984 is a key factor behind Denmark’s success in elite sport. Measured in absolute terms, by a market share approach, and adjusted for differences in population, wealth, religion and relevant political factors, it is evident that Denmark is performing well and appears to be competitive. Denmark is now the leading nation in Scandinavia and is doing better than almost all other smaller countries in the Summer Olympic disciplines. By examining the development of Danish elite sport policies, the paper shows how the establishment of TD has created an elite sport structure that has helped Denmark to bounce back from its previous decline

The low transverse Pfannenstiel incision and the prevalence of incisional hernia and nerve entrapment

Objective: The authors determined the prevalence of incisional hernia and nerve entrapment in patients with a low transverse Pfannenstiel incision. Summary Background Data: The literature on the Pfannenstiel incision suggests an incisional hernia rate of 0.0% to 0.5%. However, in these series, physical examination, which is essential in the authors' view, was not performed. To the authors' knowledge, the prevalence of nerve entrapment after the Pfannenstiel incision is not known or has never been published. Methods: All adult women, operated on between 1986 and 1992 using a Pfannenstiel incision and not having had another lower abdominal incision other than for laparoscopy, were invited for follow-up at the outpatient department. All patients were interviewed and subjected to a physical examination, with special interest to the presence of incisional hernia or nerve entrapment. Results: In patients having had a Pfannenstiel incision, no incisional hernias were found. In patients also having had a laparoscopy, the incisional hernia rate was 3.5%. Nerve entrapment was found in 3.7%. The length of the incision was ide

Soft budget constraints in European and US leagues: similarities and differences

Kornai’s soft budget constraint (SBC) approach provides a useful framework, which is highly relevant for understanding the economics of European professional sports leagues. However, it has not hitherto been used in a comparative analysis of the European and North American sports leagues. This chapter offers a novel perspective on professional sports leagues that transcends the traditional profit versus win (utility) maximizing distinction by applying the SBC approach. Europe’s win (utility) maximizing teams usually face softness by surviving resounding and/or frequent losses, whereas the budget constraints for North American franchises appear ‘hard’. But are the American pro franchises in fact facing hard budget constraints and the survival characteristics of hardness? This chapter gives a brief interpretation of the European context by using the framework of the SBC approach, while further seeking to adjust and apply it to the American context. It points out that even though the American pro leagues are profitable compared to the European ones, many of the European characteristics are in fact at play in the US, revealing an existence of softness in both league types. In order to better understand the similarities as well as the well-known differences across these two traditionally opposed contexts, a new matrix of team sports economics based on the SBC ideas is developed, supplementing existing research and giving new insights into the peculiar economics of professional team sports

When sport meets business: a brief introduction

Book synopsis: Written by European professors and focusing on the specificities of European sport, When Sport Meets Business analyses the growing commercialisation of professional sport in recent years and explains how it has developed into a major global industry. Structured into four sections, the book covers the key issues in the Business of professional sport: The New Sport Environment – Analysing the consequences of increasing commercialisation by looking at the multi-billion dollar sports goods industry; the effects of globalisation and how commercial influences have made running one of Europe’s most popular sports. Sport Marketing and Media – Investigating the role media and marketing has in commercialisation, with emphasis on the growth of sponsorship; media rights in European club football and the growing influence of social media in sport. Sport and Finance – Relating to the economics of European sport: there is an investigation into the financial policies employed by European Football clubs, specifically in regards to the Financial Fair Play regulations, and the topical issue of high level corruption. Sporting Events – Looking at additional factors that affect professional sport: highlighting the impact an Olympic Games can have on a host city and the longevity of an Olympic urban legacy. The authors have included insightful case studies from across the continent, including anti RB-Leipzig media campaigns in Germany, financial policies at England’s Chelsea FC, French Tennis Federation corporate responsibility, Media rights in Spain’s LaLiga, the sponsorship viability for Ukraine’s Klitschko brothers and the case of Denmark’s Viborg F.F. Suitable for undergraduate and postgraduate students in sport related courses, including sport management, sport economics, sport marketing and the sociology of sport

The business of running

Aan de orde komen onder andere: de historische en recente ontwikkelingen, uitdagingen en kritiekpunten, case studies

The added diagnostic value of dynamic contrast-enhanced MRI at 3.0 T in nonpalpable breast lesions

To investigate the added diagnostic value of 3.0 Tesla breast MRI over conventional breast imaging in the diagnosis of in situ and invasive breast cancer and to explore the role of routine versus expert reading.We evaluated MRI scans of patients with nonpalpable BI-RADS 3-5 lesions who underwent dynamic contrast-enhanced 3.0 Tesla breast MRI. Initially, MRI scans were read by radiologists in a routine clinical setting. All histologically confirmed index lesions were re-evaluated by two dedicated breast radiologists. Sensitivity and specificity for the three MRI readings were determined, and the diagnostic value of breast MRI in addition to conventional imaging was assessed. Interobserver reliability between the three readings was evaluated.MRI examinations of 207 patients were analyzed. Seventy-eight of 207 (37.7\%) patients had a malignant lesion, of which 33 (42.3\%) patients had pure DCIS and 45 (57.7\%) invasive breast cancer. Sensitivity of breast MRI was 66.7\% during routine, and 89.3\% and 94.7\% during expert reading. Specificity was 77.5\% in the routine setting, and 61.0\% and 33.3\% during expert reading. In the routine setting, MRI provided additional diagnostic information over clinical information and conventional imaging, as the Area Under the ROC Curve increased from 0.76 to 0.81. Expert MRI reading was associated with a stronger improvement of the AUC to 0.87. Interobserver reliability between the three MRI readings was fair and moderate.3.0 T breast MRI of nonpalpable breast lesions is of added diagnostic value for the diagnosis of in situ and invasive breast cancer