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This paper demonstrates theoretically and empirically that financial regulation is crucial to explain performance in European football competitions; clubs allowed to run deficits hire more playing talents and obtain better sportive results. An empirical study on the five major leagues corroborates the theoretical underpinning. The paper finally investigates the roots of financial regulation divergence in Europe and underlines the main issues regarding the UEFA financial fair-play rules.
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Drut et al. (2012) studied this question.
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