Open design: an actual topic in architectural education

International Journal of Technology and Design Education - Architecture is never fixed: buildings and (urban) spaces change as their use(r)s and contexts change over time. Even when architectural...     

Localized sentiment trading in heterogeneous labor markets: evidence from free agent signings

We show that free agent signings in U.S. professional sports are associated with localized sentiment trading effects. Responses are influenced by player performance, labor contract and sport structure characteristics unique to each league. Football signings lack guarantees and are noisy signals while the most informative baseball signings reflect player performance. Sentiment effects of basketball signings are mixed. Investors respond positively to contract extension announcements, but negatively to new contract negotiations, with either the current team or a different franchise. Exceptions are for free agents with high performance rankings or who are perceived to improve the odds of winning a championship. We also provide some evidence that sentiment trading is driven primarily by retail investors.