Sport clubs offer marginal substitutable services and thus achieve strong emotional ties with their customers and fans. If sport clubs need financial support from their fans via a bond, the behavior of these investors might differ from that of less tied-in bond investors. The degree of fan involvement might be a decisive factor. Therefore, we use survey data obtained during a football club bond issue. We find correlations suggesting that fan bond investors with a higher fan involvement have a higher probability of investing as well as a greater tendency toward unusual investment behavior. The results are of relevance to sport managers when planning the issue of a bond.
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