Search

Summarization: The aim of this special issue on “Regression Methods Based on OR Techniques and Computational Aspects in Management, Economics and Finance” of Annals of Operations Research, is to accomplish a wide dissemination of innovative contributions and applications of regression methods based on OR tools and their combination with computational aspects in real-life problems for the benefit of the community of both researchers and practitioners. Presented on

Summarization: We propose a holistic evaluation framework that banks could adopt when screening corporate entities. The framework is based on the development of a composite indicator of social, environmental and financial performance. This integrated view of evaluation is conceptually aligned with ISO standards and empirical proposals of academics and market practitioners in defining inclusive performance. We complement those proposals with a methodological framework that permits incorporation of a plethora of viewpoints in the evaluation process, reflecting the expectations of the various stakeholders in the environment of a bank. We further enhance the evaluation process with analytics of a more detailed hierarchical view of performance, fine-tuning of the evaluation process, and provide implications and suggestions to the senior executive team of a bank’s clients. Presented on: European Journal of Operational Research

Summarization: Previous literature is rather inconclusive concerning the impact of state ownership on banks. We report that its overall impact is not monotonic as it has so far been implicitly assumed, and that it depends on a contemporaneous conflicting impact on risk and financial performance. This suggests the existence of an optimal level, which we investigate by comparing the relative “overall performance” and efficiency of the institutions. We show that a minimal presence, as opposed to no state ownership can improve performance and efficiency, reduce the likelihood of a bailout, while it is less costly compared to capital injections. Presented on: Annals of Operations Research

International audience

International audience

Summarization: Intrapreneurship has long been recognised as a way to develop competitive advantages. This is particularly evident in small and medium-sized enterprises (SMEs), so the intrapreneurial orientation (IO) of these companies should be evaluated from multiple perspectives. Research on this topic involves a wide variety of elements that not only have a direct impact on intrapreneurial behaviour but also change over time. Nonetheless, the development of a holistic system for evaluating IO in SMEs appears to be of great interest to academics and practitioners. Based on the epistemological convictions embodied in multiple criteria decision analysis (MCDA), this study sought to combine cognitive mapping techniques and the Choquet integral (CI) to develop a new IO evaluation system for SMEs. To this end, a panel of experienced decision makers with expertise in the subject under analysis was recruited. The results of a practical application of the proposed evaluation system and composite index were validated both by the panel members and a board member of the Entrepreneurship and Innovation Department of the Portuguese Institute for the Support of Small and Medium-Sized Enterprises and Innovation (in Portuguese, Instituto de Apoio às Pequenas e Médias Empresas e à Inovação (IAPMEI)). The contributions and limitations of the proposed dual methodology are also discussed. Presented on: Journal of the Operational Research Society

International audience

Summarization: This paper presents a novel approach to forecasting the success of a newly launched service in tourism by using a hybrid intelligence system called the Adaptive Neuro Fuzzy Inference System (ANFIS). Recent studies have addressed the problem of modeling the success of a newly launched service by using different methods including artificial intelligence and model-based approaches. The ANFIS combines both the learning capabilities of a neural network and the reasoning capabilities of fuzzy logic to give enhanced forecasting capabilities, as compared to using a single methodology alone. Data collected through a questionnaire that concerns the variables of developing a new service in tourism have been used as inputs to the model. A new technique that is achieved by using a method that cycles through all the inputs and builds ANFIS models has been used for input reduction and input selection. The final model has been trained by leaving out a part of the data. The model was then evaluated by the data that were left out. The forecasting accuracy of the ANFIS model is evaluated by calculating well-known performance measures. The results have shown that ANFIS provides a prudent way to capture uncertainty in relationships among input variables and output variables to forecast the successful launch of a new tourism service. A comparative analysis with other methodologies confirms the superiority of the proposed approach. Presented on: European Journal of Operational Research

Summarization: Environmental sustainability has become a major goal of public policies throughout the world, as environmental resources are continually eliminated. Climate change mitigation involves decarbonizing electricity generation as the most important energy system-wide change, with a vital role for energy efficiency. The utilization and development of Renewable Energy Sources (RES) constitutes the most critical measure to safeguard energy security, strengthen environmental protection, and tackle climate change. RES are favored as a means of reducing the use of fossil fuels. The market of RES is continuously developing and promoted through the Internet. Renewable energy is, by definition, sustainable and clean. Moreover, the market of RES offers the opportunity to tackle the increasing depletion of fossil resources and the associated environmental impacts. The paper aims to present RES and study the energy policy in EU and Greece. Furthermore, the status of the renewable energy market in Greece and especially in the Prefecture of Thessaloniki is presented. The Internet research retrieved 30 enterprises that promote renewable energy in the Prefecture of Thessaloniki, which were analyzed according to 18 characteristics representing internet adoption. The multicriteria method used for total ranking is PROMETHEE II. According to PROMETHEE II findings, the ‘superior’ websites can be used to form a conceptual content model while designing an enhanced website for a RES enterprise. The results show that these enterprises in the Prefecture of Thessaloniki must adjust to the new ‘information era’ and aim to become more effective and efficient while creating their autonomous website. Furthermore, most enterprises with their own websites in this sector are generally still in the initial adoption phase and they should further mature in the next phases of e-commerce adoption. Presented on: Technological Forecasting and Social Change

Summarization: This study uses fixed-effect regressions estimated with heteroskedasticity-consistent standard errors to investigate the effect of international diversification on corporate cash holding behavior of French-listed firms during economic downturns. The findings show that internationally diversified firms are less inclined to save cash out of their cash flows than their undiversified counterparts. However, during economic downturns, the relationship shifts and shows that international diversification is positively associated with the propensity of firms to save cash out of their cash flows. The negative relationship between international diversification and the propensity of firms to save cash out of their cash flows suggests that risk-reducing effects coupled with easy access to external finance prevail over the high agency costs and information asymmetry associated with international companies. However, during economic slumps, this relationship becomes positive, highlighting a significant influence of the financial crisis on internationally diversified firms relative to their stand-alone counterparts. Thus, this study should provide useful insights for academics, practitioners as well as financial regulators. Παρουσιάστηκε στο: Journal of Economic Behavior and Organization

International audience

Summarization: Automated valuation models are widely used in real estate to provide estimates for property prices. Such models are typically developed through regression approaches. This study presents a comparative analysis about the performance of parametric and non-parametric regression techniques for developing reliable automated valuation models for residential properties. Different approaches are explored to incorporate spatial effects into the valuation process, covering both global and locally weighted models. The analysis is based on a large sample of properties from Greece during the period 2012–2016. The results demonstrate that linear regression models developed with a weighted spatial (local) scheme provide the best results, outperforming machine learning approaches and models that do not consider spatial effects. Presented on: Annals of Operations Research

Summarization: This paper examines banking efficiency using recent data from PIGS countries (i.e., Portugal, Italy, Greece and Spain), which suffer from debt problems. We employ a two-stage approach based on the effect of several items of balance sheets on cash flows and data envelopment analysis (DEA). More specifically, we extend previous studies by giving attention to the deposit dilemma. The reported results show that the choice of inputs and outputs does matter in the case of European banking efficiency. Although the role of deposits is controversial, we find that deposits may be an output variable, owing to liquidity issues that play a major role in the efficiency of PIGS' banking sector. We also report that the DEA model with deposits as an output variable generates efficiency scores that fall between periods. These results are helpful to bank managers and financial analysts dealing with efficiency modelling. Presented on

Summarization: Family business growth is crucial not only for the long-term sustainability of this type of firm but also for economic growth as a whole. However, family businesses face internal and external obstacles that hamper their healthy, sustainable growth. Analyses of family business growth are critical to overcoming these barriers. By combining fuzzy cognitive mapping techniques and the system dynamics approach, this study sought to create an analysis model that allows for a more holistic perspective on determinants of family business growth, their cause-and-effect relationships, and thus their long-term behavior. The model developed is a complete, transparent, and realistic tool that enables decision makers to make better and more informed decisions. This study was grounded in the insights provided by a panel of experts in family business, who shared their knowledge and experience over the course of two group sessions. The results of the static and dynamic analyses carried out were validated by the head of department and a board member of the Southern Business Support Center of Portugal’s Institute for the Support of Small and Medium-sized Enterprises and Innovation (IAPMEI). This research’s contributions are also discussed, and suggestions are made for future research. Presented on: Annals of Operations Research

Summarization: This study quantifies the effects of the Fed’s quantitative easing (QE) and tapering programs’ announcements on professionals’ consensus forecasts of U.S. macroeconomic and financial variables at different forecast horizons. The results of a vector autoregression (VAR) analysis show that the first QE (QE1) program is more effective in terms of significantly affecting the variability of near and medium term forecasts on GDP, inflation and short-term interest rates. This is not the case for these variables of long forecast horizons across all QE/tapering announcements, the forecasts of U.S. currency and long-term rates present significant short-lived responses, while the tapering displays a dominant effect on the volatility of long-term rates across long-term forecast horizons. A dynamic correlation analysis among different horizon forecasts also reveals that the Fed successfully anchor inflation and real economic growth expectations during the expansionary policy (QE) periods. Additional findings show the anchoring of the expectations across different horizons on short-term rates, as opposed to long-term rates, during the QE1 program. During the contractionary (tapering) period, the decrease in the correlations among different horizons for the short-term rates’ forecasts is a sign that the Fed increases the range of possible outcomes and highlights a signal of a monetary policy change. Παρουσιάστηκε στο: Journal of International Financial Markets, Institutions and Money

International audience

Summarization: This study focused on some of the most important aspects of ethics in the healthcare industry and examined the relevance of the system created to evaluate ethical healthcare practices in the public sector. The research included developing a conceptual model representing variables that influence ethics in public healthcare services in Portugal, using fuzzy cognitive mapping to facilitate the identification of the most significant variables. This method is a well-established decision problem-structuring tool that allows experts to define cause-and-effect relationships between variables and make decisions. The insights obtained were generated in face-to-face group meetings with experts in the public healthcare sector, showing that professional profiles, management, team relationships, external factors, equity principles, and respect are among the most relevant determinants of ethical healthcare. That is, these criteria are the most commonly applied standards in analyses of ethical practices in public healthcare services. The resulting assessment framework and its applicability were validated by both the panel of experts and the chairperson of the board of directors of S. Francisco Xavier Hospital in Lisbon, Portugal. The advantages and limitations of the analysis developed in this study are also discussed. Presented on: Journal of Multi-Criteria Decision Analysis

International audience

Summarization: Although many empirical studies have focused on R & D performance models for markets globally, the available financial information for R & D expenditure is limited. In other words, can we assume that the reported accounting information for R & D investment is adequate and valuable? This study empirically investigates the effect of R & D reported information on the value relevance of the accounting information of firms’ financial statements. Specifically, using Ohlson’s equation, it is examined whether changes in stock prices are explained better when R & D factors are included in models, in conjunction with changes in book value and abnormal earnings. We focus on listed firms on the Athens Stock Exchange in order to explore whether R & D expenses are value relevant, in a market which has been affected for a long period by the global economic crisis of 2007. In our findings, we observe that the reported R & D expenses do not have any significant influence on the investors’ choices, in contrast to expectations based on the prior literature. Moreover, the panel data analysis employed in the paper overcomes common methodological problems (such as autocorrelation, multicollinearity, and heteroscedasticity) and allows the estimation of unbiased and efficient estimators. Παρουσιάστηκε στο: Mathematics

The development of sustainable energy systems is pivotal in addressing climate change, but is also a complex and multifaceted task that should take into consideration a wide range of technological and socio-economic issues. The energy trilemma concept acknowledges this complexity and emphasizes the need to achieve a balance among three main dimensions: energy security, energy equity, and environmental sustainability. This study provides a systematic treatment of the energy trilemma at the country level. A novel multicriteria assessment framework is employed to evaluate the related performance of countries. Such an evaluation provides useful results for policy making, as it enables the examination of the status of each country and the challenges that it faces in achieving energy sustainability. The obtained empirical results are analyzed over time as well as considering the characteristics of the countries.

International audience

International audience

We design an observer for ODE-PDE cascades where the ODE is nonlinear of strict-feedback structure and the PDE is a linear and of parabolic type. The observer provides online estimates of the (finite-dimensional) ODE state vector and the (infinite-dimensional) state of the PDE, based only on sampled boundary measurements. A design that simultaneously addresses nonlinear ODEs and boundary measurement sampling is the paper’s key contribution. Our observer design combines the backstepping design approach and the high-gain observer methodology and our analysis employs a Lyapunov–Krasovskii type functional to establish exponential convergence. Our sufficient conditions for convergence involve the maximum sampling interval and the PDE domain length.

Purely vertical 4H-SiC JFETs have been modeled by using three different approaches: the analytical model, the finite element model and the compact model. The results of the modeling have been compared with experimental results on a series of fabricated self-aligned devices with two different channel lengths (0.3 and 1.1μm) and various channel widths (1.5, 2, 2.5, 3, 4 and 5 μm). For all the considered models I-V and C-V characteristics could be satisfactorily simulated.

Purpose The optimization of investment portfolios is a topic of major importance in financial decision making, with many relevant models available in the relevant literature. The purpose of this paper is to perform a thorough comparative assessment of different bi-objective models as well as multi-objective one, in terms of the performance and robustness of the whole set of Pareto optimal portfolios. Design/methodology/approach In this study, three bi-objective models are considered (mean-variance (MV), mean absolute deviation, conditional value-at-risk (CVaR)), as well as a multi-objective model. An extensive comparison is performed using data from the Standard and Poor’s 500 index, over the period 2005–2016, through a rolling-window testing scheme. The results are analyzed using novel performance indicators representing the deviations between historical (estimated) efficient frontiers, actual out-of-sample efficient frontiers and realized out-of-sample portfolio results. Findings The obtained results indicate that the well-known MV model provides quite robust results compared to other bi-objective optimization models. On the other hand, the CVaR model appears to be the least robust model. The multi-objective approach offers results which are well balanced and quite competitive against simpler bi-objective models, in terms of out-of-sample performance. Originality/value This is the first comparative study of portfolio optimization models that examines the performance of the whole set of efficient portfolios, proposing analytical ways to assess their stability and robustness over time. Moreover, an extensive out-of-sample testing of a multi-objective portfolio optimization model is performed, through a rolling-window scheme, in contrast static results in prior works. The insights derived from the obtained results could be used to design improved and more robust portfolio optimization models, focusing on a multi-objective setting.

Summarization: The level of modeling sophistication in financial services has increased considerably over the years. Nowadays, the complexity of financial problems and the vast amount of data require an engineering approach based on analytical modeling tools for planning, decision making, reporting, and supervisory control. This article provides an overview of the main financial applications of computational and data analytics approaches, focusing on the coverage of the recent developments and trends. The overview covers different methodological tools and their uses in areas, such as portfolio management, credit analysis, banking, and insurance. Presented on

Summarization: Quality of life and well-being is a topic of major importance for public policy making and urban planning decisions. However, these concepts entail complex multiple socio-economic aspects, and are ill-defined. Quantitative assessments of quality of life based on composite indicators have become quite popular in academic research and practice. This study presents the application of an approach that combines ideas from multiple criteria decision making and efficiency analysis to the assessment of quality of life at the municipality level. A dataset involving French municipalities in 2012 is used for the analysis based on a rich set of key performance indicators that cover different aspects of quality of life conditions for citizens. The relationship of quality of life performance with the financial strength of the municipalities is also explored. Παρουσιάστηκε στο: Annals of Operations Research

International audience

Summarization: Finance is a popular field for applied and methodological research involving multiple criteria decision aiding (MCDA) techniques. In this study we present an up-to-date bibliographic survey of the contributions of MCDA in financial decision making, focusing on the developments during the past decade. The survey covers all main areas of financial modeling as well as the different methodological approaches in MCDA and its connections with other analytical fields. On the basis of the survey results, we discuss the contributions of MCDA in different areas of financial decision making and identify established and emerging research topics, as well as future opportunities and challenges. Presented on: European Journal of Operational Research

International audience

International audience

Summarization: Since the early applications of operations research and management science techniques in corporate financial management, financial decision support has evolved to a multi-disciplinary field combing different analytical approaches and technologies for supporting the decision-making process for financial problems faced by firms, organizations, and individuals. This paper provides an overview of the nature of financial decision support and its contributions, covering past developments and advances, as well as current trends and emerging topics on methodological, application, and implementation issues. Παρουσιάστηκε στο: EURO Journal on Decision Processes

An extension and numerical approximation of the shear shallow water equations model recently proposed in [21] is considered in this work. The model equations are able to describe the oscillatory nature of turbulent hydraulic jumps and as such correct the deficiency of the classical shallow water equations in describing such phenomena. The model equations, orig- inally developed for horizontal flow or flows occurring over small constant slopes, are straight- forwardly extended here for modeling flows over non-constant slopes and numerically solved by a second-order well-balanced finite volume scheme. Further, a new set of exact solutions to the extended model equations are derived and several numerical tests are performed to validate the numerical scheme and its ability to predict the oscillatory nature of hydraulic jumps under different conditions.

Summarization: This study examines the development of corporate failure prediction models for European firms in the energy sector, using a large dataset from 18 countries. The construction of the models is based on a multiple criteria decision aid (MCDA) approach taking into account both ordinal criteria and nominal country-sector effects. The analysis is based on different modeling specifications. First, traditional financial variables are examined, which are then extended with additional country-level data related to the economic and business environment, as well as data about the energy efficiency policies of the countries and the characteristics of their energy markets and networks. The results indicate that energy-related attributes have high discriminating power and add valuable information compared to the other attributes. Presented on: European Journal of Operational Research

International audience

Μη διαθέσιμη περίληψη Not available summarization Presented on: Journal of Financial Stability

Modelling, analysis and synthesis of behaviour are the subject of major efforts in computing science, especially when it comes to technologies that make sense of human--human and human--machine interactions. This article outlines some of the most important issues that still need to be addressed to ensure substantial progress in the field, namely (1) development and adoption of virtuous data collection and sharing practices, (2) shift in the focus of interest from individuals to dyads and groups, (3) endowment of artificial agents with internal representations of users and context, (4) modelling of cognitive and semantic processes underlying social behaviour and (5) identification of application domains and strategies for moving from laboratory to the real-world products.

International audience

International audience

CP12, a small intrinsically unstructured protein, plays an important role in the regulation of the Calvin cycle by forming a complex with phosphoribulokinase (PRK) and glyceraldehyde-3-phosphate dehydrogenase (GAPDH). An extensive search in databases revealed 129 protein sequences from, higher plants, mosses and liverworts, different groups of eukaryotic algae and cyanobacteria. CP12 was identified throughout the Plantae, apart from in the Prasinophyceae. Within the Chromalveolata, two putative CP12 proteins have been found in the genomes of the diatom Thalassiosira pseudonana and the haptophyte Emiliania huxleyi, but specific searches in further chromalveolate genomes or EST datasets did not reveal any CP12 sequences in other Prymnesiophyceae, Dinophyceae or Pelagophyceae. A species from the Euglenophyceae within the Excavata also appeared to lack CP12. Phylogenetic analysis showed a clear separation into a number of higher taxonomic clades and among different forms of CP12 in higher plants. Cyanobacteria, Chlorophyceae, Rhodophyta and Glaucophyceae, Bryophyta, and the CP12-3 forms in higher plants all form separate clades. The degree of disorder of CP12 was higher in higher plants than in the eukaryotic algae and cyanobacteria apart from the green algal class Mesostigmatophyceae, which is ancestral to the streptophytes. This suggests that CP12 has evolved to become more flexible and possibly take on more general roles. Different features of the CP12 sequences in the different taxonomic groups and their potential functions and interactions in the Calvin cycle are discussed.

euzenat2004k; International audience; No abstract available.

International audience

Summarization: From its origin at the Renaissance, the art market is part of the global economy. Arts and cultural production add significant real values on the Gross Domestic Product (GDP) of several countries and a strong symbolic contribution in prestige for owners, either private collectors or cities and countries. The significant price fluctuations that may be observed in the market of artistic goods can be explained not only by the uniqueness of works of art and the economic conditions, but also by the changing preferences of buyers. The main aim of this paper is to develop an ordinal regression analysis model for studying the preferences of artistic goods buyers. The applied approach assumes that the price of a work of art depends on a set of criteria aiming to infer additive value functions that aggregate these criteria in such a way that these functions are optimally consistent with a given price. The presented study uses a large set of auction data from the Art Deco furniture market and considers several different criteria that may influence buyers’ preferences. These criteria are related to the physical or intangible characteristics of artistic goods. The results are mainly focused on analyzing buyer's preferences (e.g., contribution of several factors to the price of artistic goods), while the ordinal regression model has been applied in different time periods in order to study how preferences evolve over time. Finally, stability analysis has been performed, with the aim of evaluating the robustness of the results. Presented on: European Journal of Operational Research

Summarization: The application and validation, with respect to the transformation, breaking and run-up of irregular waves, of an unstructured high-resolution finite volume (FV) numerical solver for the 2D extended Boussinesq-type (BT) equations of Nwogu (1993) is presented. The numerical model is based on the combined FV approximate solution of the BT model and that of the nonlinear shallow water equations (NSWE) when wave breaking emerges. The FV numerical scheme satisfies the desired properties of well-balancing, for flows over complex bathymetries and in presence of wet/dry fronts, and shock-capturing for an intrinsic representation of wave breaking, that is handled as a shock by the NSWE. Several simulations and comparisons with experimental data show that the model is able to simulate wave height variations, mean water level setup, wave run-up, swash zone oscillations and the generation of near-shore currents with satisfactory accuracy. Presented on: European Journal of Mechanics - B/Fluids

For a number of well-documented watersheds and their adjacent coastal zones, a simplified, but generic approach was developed to explore current nutrient deliveries to their corresponding marine system, characterized by their flushing rate/residence time and morphology. An indicator of eutrophication was defined derived from both the C:N:P:Si stoichiometry of the riverine nutrient delivery and the physical features of the receiving marine bay (B_ICEP). Results show that the morphological and hydrological conditions characterizing coastal zones are the main determinants of the manifestation of eutrophication caused by an imbalance of nitrogen (and/or phosphorus) with respect to silica in the river nutrient loading. Action on the structure of the agro-food system of the upstream watershed, which determines the nitrogen losses to the hydrosystem, is identified as the most efficient control for attenuating coastal eutrophication. A comprehensive and generic concept of the systemic processes responsible for river and coastal water degradation can be achieved with a chain of nested models, describing the terrestrial agro-food system of the watershed, the river network, including the biogeochemical processes responsible for water quality, and the ecological functioning of the receiving marine area, in terms of carbon, nitrogen, phosphorus, and silica cycles. This leads to a land-to-sea continuum view, promoting interdisciplinarity and dialogue among the various scientific communities and their modeling approaches. This would also help the actors in multiple sectors (farming, fisheries, tourism, etc) and policy-makers make harmonized choices for a sustainable environment through an economically and socially viable way of life for all citizens.

Summarization: Sustainable banking is an issue that has been growing in importance around the world since the 2008 global crisis. Because the banking system is a major economic and financial intermediary, it has a significant impact on diverse stakeholders. In this context, understanding the determinants of long-term survival of the banking industry appears to be important to ensuring sustainable banking. Based on a constructivist stance, this study sought to identify sustainability strategies in the banking industry through a combination of fuzzy cognitive mapping (FCM) and the system dynamics (SD) approach. The main goal is to develop an easily understood model of sustainable banking to help decision makers analyze the dynamics of the cause-and-effect relationships between determinants of sustainable banking and project long-term scenarios. The insights obtained were derived from two group sessions with a panel of decision makers who deal with banking processes on a daily basis and were validated by the Director of the technical unit for sustainability of Millennium BCP, one of the largest banking corporations in Portugal. Static and dynamic analyses were also carried out, the results of which support the study’s main conclusions and reinforce the relevance of the proposed dual methodology. Παρουσιάστηκε στο: International Journal of Sustainable Development and World Ecology

Summarization: This study aims to take into account regional gross value added, to assess the performance of this macroeconomic component for all thirteen Regions of Greece. We apply two different methods for the period between 2010 and 2016, (1) the PROMETHEE II Multi-criteria method and (2) Shift and Share Analysis (SHA). In a nutshell, in nine out of thirteen Regions of Greece, the Promethee II method ranks the regions of Greece in a wholly identical or relatively similar manner to the SHA method, indicating that there is a robust framework considering the joint review for both proposed methods regarding regional performance. Presented on: Operational Research - An International Journal

Summarization: The recent transformation of football clubs to businesses and the challenges posed by this transformation motivate us to study the financial, business, and sports performance of French football clubs. We propose a two-stage method that can be applied to other settings, especially when there exist sample size and theoretical/model specification issues: first, Multicriteria Analysis is used to rank clubs on their financial and business performance dimensions; second, these rankings and the league standing (capturing sports performance) are used to assess the interrelationships of the different dimensions by means of a Partial Least Squares Structural Equation Modeling Approach. We find an amphidromous positive relationship between business performance and sports performance, and a one-way inverse relationship where financial performance affects sports performance. Put simply, more revenues affect sports achievements positively and these in turn impact positively on revenues in a virtuous cycle. The higher revenues do not aid financial performance given a race for success that can be possibly augmented by stakeholder myopia: the inherent to the sport pursuit of short term objectives to the detriment of long term sustainability. Consequently, the role of regulators (national authorities, UEFA Financial Fair Play) as custodians, is ever more important in protecting clubs from financial distress. Presented on: Annals of Operations Research