Abstract
This paper sheds light on the wealth effects of the turnover in human resources within a firm. Our perspective is novel and borrows elements from the corporate finance literature which deals with the acquisition and sale of firms and assets. The empirical analysis employs an event study using player transfer data and stock prices from listed clubs in the UK football industry. The results suggest asymmetric wealth effects of human resources turnover: the acquisition of football players is associated with negative abnormal club stock returns while player sales have an opposite effect. Our findings expose the uncertainty surrounding the valuation of human resources and indicate that wealth creation may not be the driver of changes in the human capital of the firm.
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