球隊為了建設新球場或取得更好球員，往往會靠著發行股票以籌募資金，因此我們推論球員異動可視為影響球隊股價的重要因素之一。之前的研究指出，球隊的球員平均表現、得獎數目、平均年齡等變數，對球隊勝率有顯著影響；此外，球隊勝率對於球隊收入、ROA、甚至球隊股價也有顯著正向影響。本篇研究主要在探討球員異動時，哪些的球員變數將會影響球隊股價。
本篇研究使用事件研究法，選取Boston Celtics及Cleveland Indians的人員異動新聞作為研究樣本，共使用84筆球員加入與68筆球員離開資料，並取球員異動日前後兩天累積異常報酬作為應變數。研究結果顯示，當球員加入時，加入球員在前一完整球季（P1）與前三完整球季（P3）的得獎數目，將顯著正向影響球隊累積異常報酬；加入球員在前一球季的出賽時間（NWT）與球員所擁有的知識（EX），對球隊累積異常報酬也有影響，但結果是不穩定的。當球員離開時，棒球球員的異動所帶來的衝擊會顯著大於籃球球員；至於球員變數方面，只有離開球員在前一完整球季的表現數據（STATS1），會顯著負向影響球隊累積異常報酬。
由於本研究選用北美球隊作為研究樣本，然而北美運動的上市球隊較少，造成本研究樣本數量太少，可能導致結果的誤差或不顯著。建議未來研究可以選取歐洲足球作為研究樣本。另外，本研究的相關文獻較少，因此可能有許多其他沒考量到的變數、或是有其他更好的變數衡量方式，建議未來研究可朝此方向改進。

When sports teams want to purchase playing staff or to construct new playing facilities, they can issue stocks to raise money. For this reason, I infer that the player turnover decision may affect the team stock return. Previous studies show that the team average performance statistics, the number of prize gaining, or the average age of the team players will significantly affect the team performance. Moreover, the team performance will be positively related to the team revenue, ROA, and the team stock return. This study mainly explores the relations between the team player turnover and the market reactions.
There are 84 player joining events and 68 player leaving events of Boston Celtics and Cleveland Indians in this study. The empirical results show that when players join a team, the number of prize they gained will significantly and positively affect the cumulated abnormal return. The number of games the player played before and the knowledge the player owed will also affect the stock return; however, both of them are not stable factors. When players leave a team, the performance statistics will be the only factor that affects the cumulated abnormal return.
There are two limitations in this study. First, the small size data may lead to a bias and insignificant result. The future research can focus on the soccer teams in Europe because there are lots of soccer teams which issue stocks. Second, there may be some other factors that will affect the team stock return when player turnover happened. Moreover, future research can try to modify the measurement of each factor in this study.

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