When Pep comes calling, the oil market answers: The effect of football player transfer movements on abnormal fluctuations in oil price futures

We examine the effect of player-transfers entered into by football clubs owned, or financed, individuals who are key players in oil market on abnormal returns futures. In oil-financed clubs, sums expended buying frequently far exceeds amount received from selling player-transfer market. find that order to finance these deficits market, owners act opportunistically withholding supply, resulting higher spot returns. also price adjustments reflected futures The exception is when deficit above a very high threshold, which typically only case highest profile transferred. high-profile transfers attract widespread media attention, making investors aware potential transmission wide-scale, dissipates player transfer • (FC) owned sheiks FCs, expense for often receipt players. This significantly and positively affects These normally were linked with