This paper presents estimation results on the size and loyalty of sport teams’ supporter groups in professional German football. Based on a novel two-stage estimation procedure, we find clear evidence for heterogeneity across teams. In a first stage, a random utility model for a representative...

Governance: Who controls matters / Bruno Deffains, Nancy and Dominique Demougin -- Corporate governance in new enterprises or: why do some CEOs hold large equity stakes while others are paid through stock options? / Erik E. Lehmann -- Conditional allocation of control rights in venture capital...