Reilly and Witt (1995) examined the role of race in determining English football transfer prices. The aim of this article is to update their work with new and later data on productivity of football players. Using data from the 2001-2002 English league season, a transfer price equation is estimated to establish if equally productive black players command lower transfer prices. The evidence suggests they do not.

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PurposeThe purpose of this paper is to determine the relationship between sustainable practices and financial performance in fashion firms.Design/methodology/approachA statistical analysis (fixed effects and ordinary least squares) of publicly available financial data combined with sustainable practices taken from the Baptist World Aid Australia Ethical Fashion Reports to determine if companies with better sustainable practices have significantly better financial performance.FindingsThe research shows that there is a strong positive correlation between sustainable practices and financial performance in fashion firms. There is stronger evidence that better sustainable practices lead to better financial performance and vice versa.Research limitations/implicationsThe sample size is limited to publicly available financial data and may not be generalized to all fashion firms. A quarter of firms were unresponsive to Baptist World Aid Australia's requests for information on sustainable practices creating potential selection bias.Social implicationsConsumers, employees, government and non-governmental organizations are advocates for greater corporate responsibility in fashion firms. Given the positive relationship between sustainable practices and return on equity, shareholders can be added to this list.Originality/valueThis research is the first to analyze objective financial performance with a range of sustainable indicators to determine if certain practices are more valuable than others.

This study compares three different empirical proxies for the financial leverage component of a systematic risk‐composition model employed in prior financial research. We consider one static accounting measure and two elasticity‐based measures. We find that the traditional static accounting measure of financial leverage provides statistically different estimates of financial leverage when compared to estimates from elasticity‐based measures of the degree of financial leverage. The findings are important because the elasticity‐based models for the degree of financial leverage have clear theoretical links to market‐based models of systematic risk, while the static accounting measure of financial leverage does not. Practitioners and researchers should carefully consider why they are estimating financial leverage and choose the appropriate method for doing so given the goals and potential consequences for biased estimation.

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