Better to be a spectator than a player

Article Abstract:

Soccer clubs tend to spend a high proportion of their turnover on wages. The wages of players in the English premiership went up by 35% during 1996 to 1997, according to Deloitte and Touche, and the top four clubs were also those that spent most on wages. Wage inflation is continuing and is unlikely to cease until there is no longer funding from TV, which appears unlikely over the short term, since soccer matches are popular TV viewing. The stock prices of quality clubs benefit from takeover speculation. Private investors are better advised to be spectators than to invest in stocks of soccer clibs.

Sports Teams and Clubs, Sports clubs, managers, & promoters, Professional Soccer, Soccer teams

Topiary is back in fashion

Article Abstract:

The hedge fund marketis undergoing a recovery after a loss of confidence following the problems of Long Term Capital Management. This market is examined in detail.

Hedge funds

ADRs and currency exposure

Article Abstract:

The attractions of American Depository Receipts are examined, and the issue of currency exposure is dealt with.

Study and teaching, American depository receipts, American depositary receipts