This paper sheds light on the drivers and consequences of turnover in human resources within a firm. Our perspective is novel and borrows elements from the corporate finance literature and the Resource-Based View of the firm which deal with the purchase, sale and improvement of assets. The analysis employs an event study using daily panel data from a group of listed clubs in the UK soccer industry. Our results suggest asymmetric wealth effects of human resources turnover: the acquisition of

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... er players is associated with negative abnormal club stock returns while player sales and loans have an opposite effect. * p<0.10 ** p<0.05 *** p<0.01