“…Rather than concentrating as previous studies only on changes in top management, our dataset allows us to investigate other critical elements of the human capital mix. Specifically, we study 15 UK listed football clubs in order to assess the effect on shareholder wealth of the 1 See, for example, the arguments and papers cited by Davidson, Worrell and Fox (1996), Panayotopoulou, Bourantas & Papalexandris (2003), and Pfeffer (1996). Most empirical research has concentrated on the effect of human resource aspects that can be easily measured, such as formal education, training, labor quality, managerial skills, satisfaction, eg., see Edmans (2007), Griliches and Regev (1995), Hitt, Bierman, Shimizu & Kochhar (2001), Lynch and Black (1995) and Ton and Huckman (2008).…”