This paper studies the causes and consequences of in-season changes of the headcoach of association football teams. We exploit data from the highest level of Dutch professional football during 14 successive seasons. An in-season change of the headcoach depends on recent match results and the difference between actual results and expectations as measured using bookmaker data. We find that, after the head-coach has been replaced, teams perform better than before. However, the performance is also better than before for a control group of coach replacements that did not occur. From this we conclude that replacement of head-coaches does not improve team performance. (JEL J44, L83)

We analyze the performance effects of in-season manager changes in English Premier League football during the seasons 2000/2001-2014/2015. We find that some managerial changes are successful, while others are counterproductive. On average, performance does not improve following a managerial replacement. The successfulness of managerial turnover depends on specific highly unpredictable circumstances, as we illustrate through case-studies.

We investigate stadium attendance in the highest level of Dutch professional football for the seasons 2000/01-2015/16 focusing on outcome uncertainty, loss aversion and team quality. We find that for individual football matches, attendance is related to reference-dependent preferences with loss aversion dominating the preference for uncertain outcomes. Furthermore, team quality is an important determinant of stadium attendance. Towards the end of the season, outcome uncertainty regarding the final ranking becomes important. For this seasonal uncertainty, we find a positive and stable, but rather small impact of the introduction of a unique and large end-ofseason play-off scheme for the qualification for European football.

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This paper studies the causes and consequences of in-season changes of the headcoach of association football teams. We exploit data from the highest level of Dutch professional football during 14 successive seasons. An in-season change of the head-coach depends on recent match results and the difference between actual results and expectations as measured using bookmaker data. We find that, after the head-coach has been replaced, teams perform better than before. However, the performance is also better than before for a control group of coach replacements that did not occur. From this we conclude that replacement of head-coaches does not improve team performance.