Search results

Maximum Loss was one of the risk measures proposed as alternatives to Value at Risk following criticism that Value at Risk is not coherent. Although the power of Maximum Loss is recognised for non‐linear portfolios, there are arguments that for linear portfolios Maximum Loss does not convey more information than Value at Risk. This paper argues for the usefulness of Maximum Loss for both linear and non‐linear portfolios.

This is a synthesis of existing theorems. Results are established by means of counterexamples. The worst case based risk‐return management strategy is presented as a case study.

For linear portfolios under elliptic distributions Maximum Loss is proportional to Value at Risk, and to Expected Shortfall, with the proportionality constant not depending on the portfolio composition. The paper gives a new example of Value at Risk violating subadditivity, using a portfolio of simple European options. For non‐linear portfolios, Maximum Loss need not even approximately be explained by the sum of Maximum Loss contributions of the individual risk factors. Finally, is proposed a strategy of risk‐return management with Maximum Loss.

The paper is restricted to elliptically distributed risk factors. Although Maximum Loss can be defined for more general continuous and even discrete distributions of risk factor changes, the paper does not address this matter.

The paper proposes an intuitive, computationally easy way how to improve average returns of linear portfolios while reducing worst case losses.

One is a synthesis of existing theorems. The counterexample establishing result is the first example of a portfolio of plain vanilla options violating Value at Risk subadditivity, an effect hitherto only known for portfolios of exotic options. Furthermore, the strategy of risk‐return management with Maximum Loss is original.

The purpose of this paper is to identify the determinants of success of elite athletes by applying the concept of career success to a sporting context. The concept of career success includes extrinsic (i.e. tangible) career accomplishments like medals as well as intrinsic factors referring to subjective judgements about career attainments. Thereby, a holistic perspective is taken which has not been studied extensively before.

Based on previous literature, a theoretical model was derived outlining how human capital, motivation, organisational characteristics and socio-demographics affect both intrinsic and extrinsic career success. To measure the impact of these factors, primary (n=1,249) and secondary data of elite athletes were collected. Regression analyses indicated that all factors included in the theoretical model were associated with extrinsic and intrinsic success.

Institutional support was an important driver for intrinsic career success while financial support affected extrinsic career success. There was no significant influence of extrinsic career success on intrinsic career success.

These findings imply that policy makers should offer enhanced dual career options, such as mentoring programmes, aspects like sport-psychological support and nutrition counselling, and long-term, stable financial support for athletes to maximise career success.

This paper applies the construct of career success to sports. A focus on the athletes’ intrinsic career success is placed as this area has been neglected in past research.

Endorsement research has focused primarily on determining the effectiveness of single endorsers, whereas marketing practice shows that companies usually engage multiple endorsers to promote their brands and products. As academic evidence for multiple endorsers is limited and extant findings are ambiguous, the purpose of this study is to determine the influence of different multiple endorser combinations on consumers' purchase intentions for a sports-related product endorsement and to identify whether endorser-product congruence and consumers' involvement with the endorsed product moderate endorsers' influences.

Two-hundred thirty-three useful responses were collected to an online experiment, and endorsers' direct and indirect influences on consumers' purchase intentions were analyzed in serial mediation analyses. Potential moderating effects of endorser-product congruence and consumers' involvement with the endorsed product were tested in moderated regression analyses.

The study's findings show that using multiple endorsers has an overall positive influence on consumers' purchase intentions, which is mediated by their attitudes toward the advertisements and the endorsed brand. Endorser-product congruence moderates an endorsement's effectiveness, whereas a moderating effect of consumers' product involvement was not supported.

This study adds to the extant body of endorsement research by confirming the overall effectiveness of using multiple endorsers to influence consumers' intentions to purchase the endorsed product. In addition, by showing that endorser-product congruence determines endorsers' effectiveness in a multiple endorser context, the study extends the current research perspective and provides practical implications for marketing professionals on how to combine multiple endorsers.

This study aims to provide a comprehensive bibliometric analysis of sports sponsorship research over the last 3 decades (1993–2024). By mapping the intellectual landscape of this field, the study seeks to identify key trends, prominent themes and the most influential authors and journals. Furthermore, the research addresses the ongoing challenge of evaluating the effectiveness of sponsorship investments, particularly in the digital age. The goal is to highlight emerging research areas.

This study employs a bibliometric analysis using the SPAR-4-SLR protocol to systematically review the literature on sports sponsorship from 1993 to 2024. Data were sourced from the Web of Science (WoS) database, filtering results for articles written in English and excluding non-academic publications. A combination of bibliometric techniques – co-citation, co-word and co-authorship network analysis – was applied to examine intellectual structures and trends in the field. The Bibliometrix software was used for data analysis, providing a comprehensive evaluation of research productivity, collaboration patterns and emerging themes.

The bibliometric analysis reveals a significant increase in global sports sponsorship research, with a 12.69% annual growth rate from 1993 to 2024. Key themes such as corporate social responsibility (CSR), consumer behaviour and government regulation emerged as central topics. The study also highlights growing research interest in digital sponsorships, particularly within the eSports industry. Additionally, co-authorship analysis demonstrates increasing international collaboration, with 30.2% of publications involving multiple countries. The findings provide a clearer understanding of the intellectual landscape of sports sponsorship and suggest emerging research opportunities, particularly in digital marketing and advanced data analytics.

The analysis relies solely on the WoS database, which may have excluded relevant publications indexed in other databases such as Scopus or Google Scholar. Although WoS provides high-quality data, future research should integrate multiple databases to achieve a more comprehensive coverage of the field. Additionally, this study focuses primarily on articles published in English, potentially overlooking significant contributions from non-English sources.

This study provides a unique contribution by conducting the first comprehensive bibliometric analysis of sports sponsorship research over a 30-year period (1993–2024). By applying the SPAR-4-SLR protocol, it identifies emerging research areas such as the integration of big data and the role of psychophysiological methods in measuring sponsorship effectiveness. The research also highlights the increasing importance of digital sponsorship in industries like eSports. This work offers new insights into global collaboration patterns and reveals underexplored topics like the balance between global and local sponsorship strategies, thus providing valuable directions for future research and practical applications.

The aim of this chapter is to argue that charisma is a collective representation, and that charismatic authority is a social status that derives more from the “recognition” of the followers than from the “magnetism” of the leaders. I contend further that a close reading of Max Weber shows that he, too, saw charisma in this light.

I develop my argument by a close reading of many of the most relevant texts on the subject. This includes not only the renowned texts on this subject by Max Weber, but also many books and articles that interpret or criticize Weber’s views.

I pay exceptionally close attention to key arguments and texts, several of which have been overlooked in the past.

Writers for whom charisma is personal magnetism tend to assume that charismatic rule is natural and that the full realization of democratic norms is unlikely. Authority, in this view, emanates from rulers unbound by popular constraint. I argue that, in fact, authority draws both its mandate and its energy from the public, and that rulers depend on the loyalty of their subjects, which is never assured. So charismatic claimants are dependent on popular choice, not vice versa.

I advocate a “culturalist” interpretation of Weber, which runs counter to the dominant “personalist” account. Conventional interpreters, under the sway of theology or mass psychology, misread Weber as a romantic, for whom charisma is primal and undemocratic rule is destiny. This essay offers a counter-reading.

This chapter examines the origins and institutionalization of sport sociology in Germany and Switzerland and provides an overview of the current state of research. It shows how academic chairs and research committees were established and how the first textbooks, anthologies, and journals appeared from the 1970s onwards. The institutionalization process of German-speaking sport sociology proceeded parallel to the establishment of sport science. With regard to its theoretical and empirical basis, German-speaking sport sociology is rooted in theories and concepts of general sociology. Studies using a system theory perspective, conceptualizing sport as a societal sub-system and examining its linkage with and dependence on economy, media, or politics are particularly common in the German-speaking region. In addition, actor theoretic perspectives are very popular, and French sociologists such as Bourdieu and Foucault have had a marked influence on German-speaking sport sociology. A large number of sport sociology studies are concerned with the changes in leisure and elite sports. In this context, the emergence of new trends in risk sports as well as the fitness boom and its implications on body perception are of special interest. Further areas of research refer to sport participation and the impact of social inequality, particularly with respect to gender differences and social integration. Finally, organization research focusing on change at the level of sport associations and clubs has a long tradition. Major challenges for the future of German-speaking sport sociology include its internationalization and an enhanced international linkage in order to improve the visibility of research results.

In recent years, neurophysiological tools have been vastly applied in sport marketing research. Eye tracking, a pervasive sensor technology, has received a growing interest to examine the effects of advertising through sport on viewer attention. While there is a plethora of evidence in advertising that supports the positive effects of various advertising types and locations on viewer attention in various sport contexts, little is known about the role of a prosocial overlay ad on viewer attention when watching televised football matches. Therefore, this research aims to examine the differences in viewers' attention (i.e. fixation and duration) with regard to game attractiveness and colors of the prosocial message during televised football matches.

To identify the research gap, the authors first reviewed the relevant sport marketing and neuroscience research on advertising effectiveness. The authors selected a prosocial message displayed. Adopting an experimental research design and using eye tracking, this study examined the impacts of game attractiveness and colors of message on viewer attention to the prosocial message displayed on an overlay advertisement during a football match.

The authors found that the colors of prosocial messages and game attractiveness had significant effects on viewer attention to the prosocial message.

In this study, the authors sought to add advertisement color, as well as game attractiveness, to the extant knowledge in marketing literature as effective advertising factors in capturing viewers' attention. These variables can offer marketers new insights in designing effective advertisements for the context of televised sports events in a specialized field.