Forthcoming articles

 


International Journal of Sport Management and Marketing

 

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International Journal of Sport Management and Marketing (25 papers in press)

 

Regular Issues

 

  • A conceptual framework to understand the creation of athlete brand and its implications   Order a copy of this article
    by Ali Hasaan, Katri Kerem, Rui Biscaia, Kwame Agyemang 
    Abstract: The purpose of this study was to propose a conceptual framework for understanding how to establish athletes as brands. Based on an extensive literature review, the proposed model includes the antecedents of athlete brand, its measurement dimensions and implications. Five antecedents are included in the model: media, oral communications, impression management, social agents, and teams & sport. The components of athlete brand consist of on-field attributes and off-field attributes. In turn, the combined results of these two components are suggested to have three implications: athlete loyalty, team loyalty and sponsors purchase intentions. A set of propositions is presented to link the three parts of the model. Implications for building and managing athlete brand and research directions for future studies are discussed.
    Keywords: athlete, brand, fans, loyalty, teams

  • Hashmoney: Exploring Twitter Hashtag Use as a Secondary Ticket Market Price Determinant   Order a copy of this article
    by Brendan O'Hallarn, Stephen Shapiro, Ann Pegoraro 
    Abstract: The growth and prevalence of sport event ticket transactions on secondary ticket market platforms such as StubHub has led to the creation of a body of academic research studying this new phenomenon. Factors such as team performance and perceptions of fairness have been explored for their relationship with the price of secondary market tickets. This exploratory study introduces a new potential price determinant social media activity itself a popular online phenomenon that has inspired considerable academic research. This exploratory study of prices for eight National Football League games adds use of official team hashtags on Twitter to a multiple regression model, controlling for other price determinants established in previous research Two models, one to predict prices for tickets sold on StubHub, the second to predict prices for tickets available on StubHub, demonstrate that increased Twitter hashtag use is a significant positive predictor of ticket prices on the secondary market.
    Keywords: Twitter hashtags; National Football League; StubHub; sport tickets; social media.

  • Impacts of social capital on performance of professional athletes: Evidence from motorboat racing in Japan   Order a copy of this article
    by Nobuya Fukugawa 
    Abstract: Motorboat racing is a sport organised as public gambling in Japan. As well as physical strength and driving technique, skills to adjust equipment are critical for racers to win the race. Most racers participate in small groups to share knowledge and cost of the modification of propellers, which suggests that social capital could constitute another factor in winning the race. Using comprehensive panel data of motorboat racers, this study is the first to analyse determining factors in racers performance, focusing on social capital as well as physical factors. Estimation results reveal that bridging social capital exerts no effect on performance while bonding social capital has positive impacts on performance. The latter effect is particularly salient for inexperienced racers who most need psychological aid backed by strong ties. The results are consistent with the contingency theory in social capital studies.
    Keywords: social capital; social networks; sports; performance analysis; knowledge spillovers; Japan; motorboat racing; panel data; public gambling.

  • Media Value Methodology in Global Sport Industries: Football versus Formula One   Order a copy of this article
    by Pedro Garcia-del-Barrio 
    Abstract: 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. Individual media value appraisals jointly capture the in-field and out-field skills of athletes. By aggregating individual ratings, we are able to rank in terms of media value football clubs and racing teams; and to establish a hierarchy among sporting competitions. The empirical analysis is made on large data bases from worldwide media sources and Internet sites. The paper gives insights on managerial issues, as it permits predicting the future career development and economic perspectives of sportsmen. It also applies regression techniques to examine behavioural inter-industries differences concerning the relationship between sport performance, media visibility and economic revenues.
    Keywords: Media value; Sport performance; Sponsorship; Global sport industries.

  • Challenges to sport development and sport participation from sport managers' perspectives   Order a copy of this article
    by Popi Sotiriadou, Kevin Filo, Thilo Kunkel 
    Abstract: This study addresses the need to advance knowledge on sport participation from the perspective of managers and complement studies that examine this phenomenon from participants perspectives. Using the case of basketball in Australia, data were collected from selected managers via two focus groups and 24 interviews in Queensland, Australia. Results demonstrated that managers believed basketball offers opportunities for participants to achieve an active and social way of living, and overcome challenges related to climate (i.e., sun safety, rain) and population density, obesity among youth, integration and cultural diversity, and community members increasingly busy lifestyles. Whilst some of these findings reflect global trends (e.g., promoting healthy lifestyles), others manifest more local challenges (e.g., skin cancer protection). These findings enable more informed decisions on policy direction and program design and in promoting sport-specific attributes to address participant-specific challenges. These actions encourage integrated and comprehensive solutions to sport development issues.
    Keywords: sport development; sport policy; sport participation; basketball; sport managers; internalisation model.

  • The Dynamics of Image Repair Strategy on Sport Celebrity Scandal: How University Students Attitudes are Shaped according to Scandal Type, Perceived Credibility, and Sport Involvement   Order a copy of this article
    by Geumchan Hwang, Kyu-soo Chung 
    Abstract: Scandals involving sport celebrities are detrimental to the celebrities images, as they negatively influence the publics attitudes of those celebrities. This study examines how university students attitudes regarding a sport celebrity would be shaped differently according to three types of image repair strategies (mortification/denial/combination) and two levels of the celebritys credibility (high/low). These dynamics are compared between a sex scandal and a doping scandal. Participants are 186 students from a Midwestern university. They answered questions about the perceived effectiveness of the different strategies after being randomly exposed to one of six scenarios in either scandal. Results show that, in repairing a sport celebritys image tarnished by a sex scandal, the most effective strategy was that of mortification, regardless the level of credibility attached to the celebrity. In the doping scandal, no significant differences were found. The study suggests a customisation of an image-repairing strategy according to the scandals situational factors.
    Keywords: sport scandal; sport celebrity; image repair strategy; credibility; crisis communication; sport public relations; university students.

  • Profiling sports spectators in emerging markets: role of sports involvement as a segmentation tool   Order a copy of this article
    by Neena Sondhi, Rituparna Basu 
    Abstract: Globalization of sports with consequent maturation of the sector offers a huge marketing opportunity in the Emerging markets. The relevance of a sports consumers commitment and involvement with a particular sport comes into play with respect to his consumption intentions. The present paper attempts to understand the current status and future prospect of football as a sport in India with reference to its existing spectator base and their level of involvement and intent to engage with mega sporting events related to football. Exploratory factor analysis revealed that involvement was a multi-dimensional construct, encompassing football (game) involvement; team (club) involvement and individual (player) involvement. Further a Non-hierarchical cluster analysis on a group of 486 football enthusiasts in urban India revealed the existence of four discrete clusters of football spectators basis their level of involvement with the sport. These clusters were identified and named as team involved; player involved; game involved and medium team-game involved. The study goes on to detail the level of engagement of the four groups with football; as well as their sports merchandise purchase behavior. Thus, the study has distinct academic as well as managerial implications for segmenting and targeting sports spectators in Emerging markets.
    Keywords: spectator sports; sports marketing;emerging markets;cluster analysis; sports involvement; sports merchandise.

  • Parents Interactions with Contextual Factors in Youth Sport Participation: The Case of Korean Immigrants in the United States   Order a copy of this article
    by Kyu-soo Chung, Matthew Bowers 
    Abstract: Parents interact with their surrounding environment as they support their childrens sport activities. Family ecological theory suggests that these interactions occur at various levelsthe micro-, meso-, exo-, and macrosystems. In trying to understand how Korean immigrant parents support their childrens sport participation, this study conducts in-depth interviews with a total of 17 Korean immigrant parents. This study finds that the variety of contextual factors they interact with include family, neighbourhood, school, sport organisations, work, policy and system, and cultures. The study also finds how the parents interact differently with these contexts according to their gender and childrens level of sport. Free of the education fever that engulfs nearly all parents in Korea, the immigrant parents found themselves at liberty to interact more actively with the values and customs of American society to support their childrens sport participation.
    Keywords: ecological theory; youth sport; parents; sport participation; sport development; immigrants; contextual factors; education fever; culture; elite sport.

  • Like it but dont comment: Manipulating the engagement of sports fans in social media   Order a copy of this article
    by Anand Agrawal, Anil Gupta, Anish Yousaf 
    Abstract: Marketers have embraced social media to connect with their customers and fans, but due to lack of sufficient research in this area, they are struggling to manipulate customers responses and their engagement levels. We categorized the recent Facebook posts of the four most popular teams in a popular cricket league in India into different types of updates, forms of messages, and message orientations using Interaction Process Analysis (IPA), to study their impact on different levels of engagement, in terms of likes (low engagement), shares (medium engagement) and comments (high engagement). Result revealed that different combinations of these variables generate significantly different growth in numbers of likes, shares and comments. Insights from this study are useful for practitioners in devising a method to analyse and design social media messages to manipulate the levels of customer engagement in social media.
    Keywords: Social media; customer engagement; Facebook; Interaction Process Analysis (IPA); sports marketing; tags; socio-emotional; sports fans; sports marketers; sports teams; message orientation.

  • Mind the gap: an analysis of competitive balance in the English football league system   Order a copy of this article
    by Daniel Plumley, Girish Ramchandani, Rob Wilson 
    Abstract: Competitive balance of league competitions is an important component of sport economics. Evidence suggests that a less attractive product might struggle to command a high market value. Thus, it is imperative that sport leagues remain competitively balanced with a degree of uncertainty of outcome. This paper analyses competitive balance within the English football league system since the inception of the English Premier League (EPL) in 1992. It examines variations in overall competitive balance within and between the EPL and the three divisions that make up the Football League. Competition for the title, promotion and relegation is also analysed. The results indicate a reduction in competitive balance in the EPL over time and that the EPL is less balanced overall relative to the Football League, which is partly influenced by the higher financial disparity between teams in the EPL. Nonetheless, fan interest in the EPL and the value of broadcasting deals do not appear to be negatively influenced.
    Keywords: competitiveness; English Premier League; English Football League; football finance.

  • EXPLORING E-PROMOTION IN SPORT NATIONAL GOVERNING BODIES   Order a copy of this article
    by Damien Whitburn, Adam Karg, Paul Turner 
    Abstract: This study used an exploratory approach to examine how Australian Sport National Governing Bodies (NGBs) initiate, implement, and adopt e-promotion strategies. A conceptual framework was developed based on two models; the systems process model of organisational performance and an e-marketing orientation (EMO) framework. The framework was applied to a sample of five NGBs. The resources required for successful adoption of an e-promotion strategy and the goals NGBs attempt to obtain were identified and a suite of contemporary e-promotion activities and their uses synthesised. The research showed a higher level of e-promotion adoption and e-marketing orientation is likely to facilitate critical outcomes shown for NGB success. As such, the study provides guidance on how to develop strategy and achieve outcomes for both NGBs and wider sport and not-for-profit organisations.
    Keywords: e-promotion; sport; marketing; communications; organisations; NGBs.

  • Impact of Facebook Marketing on Lebanese Athletes Decision-Making Process   Order a copy of this article
    by Lindos Daou, Nada Sarkis, Youssef Nader 
    Abstract: This article tackles the impact of Facebook marketing on the Lebanese sports community. It explores the different components of social media marketing tools while stressing on Facebook as a mean of influencing athletes decision-making process. Hypotheses were generated to analyze the relationships between the following three factors of Facebook marketing: athlete Facebook Interaction, Daily Exposure, and ads including Brand Ambassadors and the consumers decision-making process. Our study was carried out on a sample of 385 athletes affiliated to sports clubs, NGOs, sports associations, sports communities and sports brand ambassadors. The results of the empirical study revealed a positive relationship between Facebook marketing and the decision-making process of the Lebanese sports society. Furthermore, it stressed on the importance of Facebook Interaction as it deemed to be a catalyst to brands image, and has an indirect impact on sales. Ads including sports brand ambassadors were shown to play an important role as well as in enhancing brands sales. Our work could be extended in the future to cover a larger sample, and to include other factors and traits such as gender, age region, type of sport and time of the year.
    Keywords: Facebook marketing; decision-making process; social media; Lebanon brand ambassadors; exposure; interaction; sports.

  • Development of a Scale to Measure Gamer Experiences in Sport Video Games   Order a copy of this article
    by Ho Keat Leng, Do Young Pyun 
    Abstract: The aim of this study is to develop a scale to measure gamer experiences in sport video games. A two-phase data analysis was conducted with 400 respondents randomly assigned to one of two phases. In each phase, respondents were tasked to play a sports car racing game and complete a survey instrument. The study identified six dimensions of sports video games based on gamer experience. These are Challenge, Competence, Flow, Immersion, Enjoyment and Negative Affect. Using this scale, it will be possible to examine differences in gamer experience across sports video games. More importantly, it will be possible to examine the relationship between gamer experience and sponsorship effectiveness in future studies using this scale.
    Keywords: sport video games; game experience; scale development; reliability; validity.

  • The Expropriation of Goodwill and Migrant Labour in the Transition to Australian Footballs A-League   Order a copy of this article
    by Kieran James, Rex Walsh 
    Abstract: This article explores ethical and financial issues in connection with the cancellation of Australias National Soccer League (NSL), at the end of the 2003-2004 season, and its replacement with the corporatist A-League competition which excluded the ethnic clubs which had made up the bulk of the NSL. These ethnic clubs had been formed by and revolved around Croatian, Greek, Hungarian, Italian, Macedonian, Jewish, Polish, Serbian, and Yugoslav ethnic communities based in Australias major cities. Many commentators were of the opinion that one of the aims of the A-League and its ground-zero or scorched-earth ideology was to institute exclusion of the ethnic clubs that had formed the backbone of the NSL for 30 years. Interview responses from ethnic club administrators and supporters are our primary data source. We conclude that fans and volunteer labour forces of the ethnic clubs have been alienated, in the Marxist sense, from the A-League; the A-League clubs; and the ruling clique that controls Football Federation Australia (FFA). There are lessons to be learned here for sports industry marketers and managers. Extreme solutions enforced in a top-down manner, combined with ground-zero ideology, can create disenfranchised groups. These groups, resentful of being written out of both history and the future, store their grievances up only to agitate again years later when the environment appears less hostile.
    Keywords: Alienation; Australian football; Croatian Diaspora: Croatian nationalism; Football hooliganism; Marxism; Soccer history; Soccer sociology.

  • Residents Perception of the 2014 Sochi Olympic Games: Comparison of Pre- and Post-Impacts   Order a copy of this article
    by Alexandr Vetitnev, Nadezhda Bobina 
    Abstract: This study purported to the understanding the temporal changes of residents perception of the 2014 Sochi Olympic Games. Two surveys were conducted in 2013 (n=1048) and 2014 (n=853). The research questionnaire based on approaches of Fredline and Faulkner (2002) and Zhou and Ap (2009) was developed. Results indicated that local residents perceptions of the Olympics impacts have significantly improved through the year after the Games. All of positive incomes except increased employment opportunities were found significantly higher and negative issues became significantly lower than before the Games. An exploratory factor analysis has shown the change of perception structure after the Games: three positive groups (sustainable development of destinations, positive economic impact on travel destinations and improving the quality of resident life) and one negative group of impact items were found. A positive residents attitude toward the Olympics has transformed into supportive behaviour.
    Keywords: Sochi Olympic Games; residents’ perception; temporal changes.

  • The Impact of Endorsement on a Sport-Based Social Marketing Campaign   Order a copy of this article
    by Shima Behnoosh, Michael Naylor, Geoff Dickson 
    Abstract: The purpose of this study was to understand the effects of endorsers on young adults attitudes towards a social marketing advertisement. A pre-test was implemented to select a credible endorser and a social marketing advertisement for use in the main experiment. The main study employed a sequential explanatory design including both quantitative and qualitative elements. Differences between the experimental and control groups were uncovered. Compared to the control group, those in the treatment group reported more positive attitudes towards the social marketing advertisement. Psychological connection to sport measured using the involvement construct - was included as a covariate but was not significant. Thematic analysis was used in conjunction with data generated from focus groups and supported findings from the experiment. This study suggests that an endorsed advertisement promoting sport and physical activity will elicit more favourable attitudes in young adults than an unendorsed advertisement. Theoretical and managerial implications are discussed.
    Keywords: Social marketing; celebrity athlete; endorsement; sport and physical activity.

  • IN QUEST OF GOLD: OLYMPIC GOLD QUEST (OGQ)   Order a copy of this article
    by Siddhartha Rastogi 
    Abstract: Olympic Gold Quest (OGQ) is a unique organization from India due to its aim and structure. The aim of the organization is to win gold medals for India in the summer Olympics as well as in other international tournaments of repute. However, it does not represent any government agency, is privately held and promoted, and earns no revenue through its activities except goodwill. Since the government agencies have proven to be a failure as far as Indias international sporting performance is concerned, OGQ represents a unique experiment. The present case studies the origin, the evolution, the challenges, and the first decade of its existence. There are various sports management and leadership insights. Given an emerging economy aspect, the case is also relevant for drawing policy lessons for government agencies for better sports performance management.
    Keywords: Summer Olympics; Gold Medal; Sports Management; Private Promotion; Indian Sports.

  • The role of human capital, psychological capital, social capital and leadership capital in building an athletes global brand image   Order a copy of this article
    by Yuliani Suseno, Denise Gengatharen 
    Abstract: This conceptual paper offers a new perspective on developing an athletes global brand image. In addition to human capital, the framework considers the theoretical lenses of psychological capital, social capital and leadership capital. Human capital is based on the dimensions of an athletes physical attributes, performance and marketable lifestyle. Psychological capital is illustrated in the form of an athletes self-efficacy, hope, optimism and resilience. Athletes also need to utilise their social capital through exploiting the brokerage opportunities in linking the networks of sponsors and fans and through their role in developing trust in the relationships between sponsors and sport consumers. Leadership capital is illustrated through the provision of opportunities and resources arising from the relationship between athletes and sport leaders. The proposed framework extends studies on brand management of sport celebrities by holistically considering the various forms of capital in building an athletes global brand image. The implications for the theory and practice of sports marketing and branding are discussed.
    Keywords: athlete; global brand image; human capital; psychological capital; social capital; leadership capital; sport marketing.

  • The effect of perceived CSR on team identification and team loyalty in professional football in Korea   Order a copy of this article
    by Jongchul Park, Shane Kerr 
    Abstract: This study aimed to examine how the perceived fit of professional football teams CSR activities (fan-teams CSR and team-teams CSR) influences team identification and team loyalty. Participants were 208 spectators attending a professional football match in South Korea. For the study, Confirmatory Factor Analysis (CFA) and Structural Equation Model (SEM) were conducted to analyse the data. Findings showed that the perceived fit between the fans and the teams CSR significantly affected team identification, but the perceived fit between the team and the teams CSR had no significant effect on team identification. Team identification positively influenced team loyalty. In addition, the study found that team identification was an important mediating variable between the perceived fit of the fan-teams CSR activities and team loyalty. Lastly, contributions and limitations were presented.
    Keywords: corporate social responsibility; CSR; perceived fit; identification; loyalty; professional football; sport marketing; Korea.

  • Effects of Employee Training on Job Satisfaction Outcomes Among Sport Ticket Sellers   Order a copy of this article
    by Nels Popp, Jason Simmons, Chad McEvoy 
    Abstract: As the primary revenue generators for sports organizations, salespeople play a critical role in the sport industry. Research regarding salesperson effectiveness and well-being, however, is scant within the sport management literature, and little has been empirically investigated related to the salespersons role in sport organizations. The purpose of this study is to examine the relationship between sales training on both job satisfaction and turnover intent measures among professional sellers within sport organizations. No significant differences were found between the amount of initial sales training received and measures of job satisfaction and intent to leave the organization. Significant differences were found, however, on two measures of on-going sales training (amount and quality) with both job satisfaction and turnover intent. The findings suggest a relationship between training and occupational satisfaction, which has important managerial implications as sport sales positions traditionally have a high rate of job turnover.
    Keywords: Sales Management; Training; Job Satisfaction; Turnover.

Special Issue on: Advances in Sport Management in the Global Marketplace Theory and Practice

  • Idenifiy and pirority factors affecting sports consumer behavior in Iran   Order a copy of this article
    by Hossein Abdolmaleki, Zahrasadat Mirzazadeh, Ebrahim Alidoust 
    Abstract: One of the common featuresof all people, ergardless of, education level, income level, living location, and so on, is that all of us are consumer. The key to successfully marketing strategy, both in terms of local and global aspects is to understand the consumer behavior. Therefore, the aim of this study was to Idenifiy and pirority factors affecting sports consumer behavior in Iran. This is a descriptive survey. The population of this study is the entire faculty member of sports management in Iran universities. Samples were selected randomly. Based on stathistical PASS software the amounts of sample were determined 84 to 154. Data collection tools was a researcher made questionnaire which includeing 38 items. Content validity and construct validity were calculated for questionnaire. In order to analyze the data were used Structural Equation Modeling and analytical hierarchy of process (AHP). The results show that factors of marketing mix have positive and significant impact on sports consumer behavior. Also the results of ranking of the markting mix factors show that, product is the most important factor by 0.281 relative weights, and after this factor was ranked quality of services (0.221), price (0.175), distribution channels (0.108), promotion (0.108), and brand personality (0.108) respectively. This study determined, companies have to highly pay attention to consumer and covering their demands (better than competitors) to abtain a high competitive Advantage. On the other hand, consumer have different approaches to buy products that most be noticed in programming markting strategies.
    Keywords: sports marketing; sports behavior; marketing mix.

  • An Analysis of Critical Success Factors on Hosting the Professional Golf Tournaments using Analytic Hierarchy Process-Korean Experts Perspective-   Order a copy of this article
    by Sung Eun Kim, So-Won Yoon 
    Abstract: The success of sports tournaments can be beneficial to the organizations and event venues involved because of their potential to attract viewers, tourists, sponsors as well as investors. In relation to this, the study analyzed critical success factors for hosting professional golf championships in Korea using the Delphi Method which was facilitated by a panel composed of experts in the golf industry, with the resulting data undergoing further analysis through SPSS 18.0 and Expert Choice 2000. The top priority in the 1st order criteria for success factors on hosting golf tournaments was determined to be spectator dimension, followed by promotion, competition environment, and operating dimensions. In terms of the operating dimension, the top priority in the 2nd order criteria was services. For the spectator dimension, the top priority was the presence of professional golfers. The promotion dimensions top priority was relay broadcasting while the competition environment listed location.
    Keywords: Success factors; Delphi Method; Analytic Hierarchy Process; Hosting professional golf tournaments; Sports Marketing.

  • Shedding Light on the profitability of Italian Professional Football Clubs where a different business model is performing   Order a copy of this article
    by Carlo Regoliosi 
    Abstract: Several research contributions over the last years have investigated the operations of professional football clubs, identifying their economic essence in the production of entertainment, and observing significant yearly economical losses in their annual reports. We provide evidence that this model does not hold for all the professional clubs in the Italian Serie A league. A closer look at the economic determinants of their performance shows that there are several entities whose business model runs differently, for (i) the core activity is not the mere provision of entertainment, and (ii) the lower the size (in terms of Players book value) the higher the operating profitability.
    Keywords: Football; Players’ Registration Rights; Business Model; Profitability.

  • Exploring the Determinants of 2022 FIFA World Cup Attendance in Qatar   Order a copy of this article
    by Imene Ben Yahia, Mohammed Qassim Al Emadi 
    Abstract: This study investigates the determinants of attendance at the upcoming FIFA World Cup in Qatar. It considers pull and push factors as antecedents of desirability to attend this mega-event, and particularly sheds light on the perception of the host country as a pull factor. Data from 228 potential visitors were collected. Consistent with previous research, results show that the factors of passion, novelty and escape have positive impacts on desirability. The perception of the host country has a positive impact on desirability and is a better predictor than travel motives or event motives. No significant effect of the support for the national team on desirability was found. The results additionally show that the constraints of time or money have no impact on the relationship between desirability and attendance intent. The findings of this research offer insights into sport marketing and show promise for event management committees, event marketers and researchers alike to develop an understanding of mega-event marketing.
    Keywords: Mega-events; Sport Marketing; Pull factors; Push factors.

  • On Estimating the Determinants of Yearling Thoroughbred Prices   Order a copy of this article
    by Steven Vickner 
    Abstract: Using information for 3,562 Thoroughbreds listed in Keenelands 2011 September Yearling Sale, hedonic pricing models were estimated using both ordinary least squares regression and a Heckman selection model to test the adverse selection hypothesis that vertically integrated sellers whom breed and race are penalized with bid shading relative to sellers whom only breed, ceteris paribus. Though the null hypothesis of no adverse selection was not rejected in the standard regression model, when taking into account censoring due to sellers withdrawing listed yearlings prior to the auction the null hypothesis was rejected. However, the impact of adverse selection was greatly attenuated by bid shading associated with the reputation effect of sellers, both those whom are vertically integrated and those whom just breed horses, willing to accept final bids less than the stud fee further lessening the winners curse in the auction. This seller type is new to the literature and as such is a key innovation of this research. The models controlled for other observable characteristics of the yearlings as well as those of the seller and the design of the auction.
    Keywords: adverse selection; auction; bid shading; hedonic pricing; horse racing; price discovery; Thoroughbred; vertical integration.