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Purpose -This paper aims to study the stock market reaction to sporting results of European listed football clubs. Specifically, it tries to examine the impact of the sporting results on the stock market valuation in terms of abnormal returns and trading volume around the dates of matches. Design/methodology/approach -This paper undertakes an event study around the dates of 745 matches played by European listed football clubs. Findings -The empirical analysis shows that the sporting results of listed football clubs affect both the abnormal returns and the trading volume around the dates of matches. The movement (positive or negative) and the time when the impact occurs (before or after the match) differ according to the nature of the result (defeat, draw or win) and the match venue (home or away). Findings in this study imply that the success of investments in listed football clubs requires a regular follow-up of their sporting performances. Originality/value -This paper is one of the first to take into consideration the nature of sporting results (defeat, draw or win) according to the match venue (home or away) in order to study the market reaction in terms of both abnormal returns and trading volume. Unlike some previous studies, it is not limited to studying a single specific context but considers listed football clubs from all over Europe.

Being vulnerable to environmental forces, small-and medium-sized enterprises (SMEs) seek to supplement their insufficient resources by adopting coopetition strategies in order to reduce uncertainty. This longitudinal study of the union of wine producers in Pic Saint-Loup relies on 45 interviews conducted during multiple data collection moments and provides an understanding of how competing SMEs can develop cooperative strategies. In doing so, we present the development stages of coopetition strategies as well as the role of stakeholders in this development. Next, we accentuate the tertius strategies SME managers prefer to implement.

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Résumé Malgré la forte croissance du secteur des TIC, les recherches concernant ses spécificités entrepreneuriales sont peu nombreuses. Or, les entrepreneurs ne constituent pas une entité homogène et il est nécessaire d’élaborer des typologies pour montrer leurs différentes caractéristiques. Nous cherchons donc à déterminer si les entrepreneurs TIC sont similaires à ceux des autres secteurs et si ces derniers possèdent des profils différenciés. Un échantillon composé de 469 entreprises nous a permis de relever quatre profils d’entrepreneurs TIC dénommés respectivement « cadres d’expérience », « jeunes diplômés », « prévoyants » et « risque-tout ».