Econn-02

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-_nfl_team_value.xlsx
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F 13.4

Team Value
Arizona Cardinals 2007 $888
Arizona Cardinals 2009 $935
Arizona Cardinals 2011 $901
Atlanta Falcons 2007 $796
Atlanta Falcons 2009 $856
Atlanta Falcons 2011 $814
Baltimore Ravens 2007 $965
Baltimore Ravens 2009 $1,079
Baltimore Ravens 2011 $1,088
Buffalo Bills 2007 $821
Buffalo Bills 2009 $909
Buffalo Bills 2011 $792
Carolina Panthers 2007 $956
Carolina Panthers 2009 $1,049
Carolina Panthers 2011 $1,002
Chicago Bears 2007 $984
Chicago Bears 2009 $1,082
Chicago Bears 2011 $1,093
Cincinnati Bengals 2007 $912
Cincinnati Bengals 2009 $953
Cincinnati Bengals 2011 $875
Cleveland Browns 2007 $969
Cleveland Browns 2009 $1,032
Cleveland Browns 2011 $977
Dallas Cowboys 2007 $1,500
Dallas Cowboys 2009 $1,650
Dallas Cowboys 2011 $1,850
Denver Broncos 2007 $994
Denver Broncos 2009 $1,081
Denver Broncos 2011 $1,046
Detroit Lions 2007 $870
Detroit Lions 2009 $872
Detroit Lions 2011 $844
Green Bay Packers 2007 $927
Green Bay Packers 2009 $1,019
Green Bay Packers 2011 $1,089
Houston Texans 2007 $1,056
Houston Texans 2009 $1,150
Houston Texans 2011 $1,202
Indianapolis Colts 2007 $911
Indianapolis Colts 2009 $1,025
Indianapolis Colts 2011 $1,057
Jacksonville Jaguars 2007 $811
Jacksonville Jaguars 2009 $866
Jacksonville Jaguars 2011 $725
Kansas City Chiefs 2007 $960
Kansas City Chiefs 2009 $1,027
Kansas City Chiefs 2011 $986
Miami Dolphins 2007 $942
Miami Dolphins 2009 $1,015
Miami Dolphins 2011 $1,012
Minnesota Vikings 2007 $782
Minnesota Vikings 2009 $835
Minnesota Vikings 2011 $796
New England Patriots 2007 $1,199
New England Patriots 2009 $1,361
New England Patriots 2011 $1,400
New Orleans Saints 2007 $854
New Orleans Saints 2009 $942
New Orleans Saints 2011 $965
New York Giants 2007 $974
New York Giants 2009 $1,183
New York Giants 2011 $1,300
New York Jets 2007 $967
New York Jets 2009 $1,170
New York Jets 2011 $1,223
Oakland Raiders 2007 $812
Oakland Raiders 2009 $797
Oakland Raiders 2011 $761
Philadelphia Eagles 2007 $1,052
Philadelphia Eagles 2009 $1,123
Philadelphia Eagles 2011 $1,164
Pittsburgh Steelers 2007 $929
Pittsburgh Steelers 2009 $1,020
Pittsburgh Steelers 2011 $1,018
San Diego Chargers 2007 $826
San Diego Chargers 2009 $917
San Diego Chargers 2011 $920
San Francisco 49ers 2007 $799
San Francisco 49ers 2009 $875
San Francisco 49ers 2011 $990
Seattle Seahawks 2007 $921
Seattle Seahawks 2009 $994
Seattle Seahawks 2011 $997
St Louis Rams 2007 $908
St Louis Rams 2009 $913
St Louis Rams 2011 $775
Tampa Bay Buccaneers 2007 $963
Tampa Bay Buccaneers 2009 $1,085
Tampa Bay Buccaneers 2011 $981
Tennessee Titans 2007 $922
Tennessee Titans 2009 $1,000
Tennessee Titans 2011 $964
Washington Redskins 2007 $1,467
Washington Redskins 2009 $1,550
Washington Redskins 2011 $1,555
Buffalo Bills 2007 2009 2011 821 909 792 Jacksonville Jaguars 2007 2009 2011 811 866 725 Dallas Cowboys 2007 2009 2011 1500 1650 1850 Minnesota Vikings 2007 2009 2011 782 835 796 New England Patriots 2007 2009 2011 1199 1361 1400 New York Giants 2007 2009 2011 974 1183 1300 New York Jets 2007 2009 2011 967 1170 1223 Oakland Raiders 2007 2009 2011 812 797 761 St Louis Rams 2007 2009 2011 908 913 775 Washington Redskins 2007 2009 2011 1467 1550 1555

Year

Team Value (millions)

T 13.3

Pooled Yearly Data
Cross-Section 2011 2009 2007
Value 1,012.13 1,036.31 1,042.66 957.41
(200.60) (237.50) (188.49) (163.48)
Attendance 540,114.40 531,474.10 541,696.10 547,172.90
(61,592.46) (71,943.81) (54,267.46) (58,083.54)
Fan Cost Index 394.51 420.51 396.36 366.66
(69.25) (81.21) (62.37) (52.06)
Wins 7.99 8.00 7.97 8.00
(3.05) (2.99) (3.33) (2.90)
Playoffs .375 .375 .375 .375
Observations 96 32 32 32

ERO 13.1

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.7534303276
R Square 0.5676572586
Adjusted R Square 0.538510557
Standard Error 136.2735250698
Observations 96
ANOVA
df SS MS F Significance F
Regression 6 2170056.34648913 361676.057748188 19.4758660903 0
Residual 89 1652772.15351087 18570.4736349536
Total 95 3822828.5
Coefficients Standard Error t Stat P-value Lower 95% Upper 95%
Intercept 925.562124846 770.2303216472 1.2016692914 0.2326795401 -604.869085184 2455.9933348759
Attendance / 10,000 -48.8180422915 24.4766542924 -1.9944736608 0.0491603639 -97.4526319635 -0.1834526195
(Attendance / 10,000) Squared 5.9906793466 2.2565279416 2.6548217002 0.0094002509 1.5070064878 10.4743522054
Fan Cost Index 3.3593977007 1.6967076708 1.9799507944 0.0507983804 -0.0119242282 6.7307196296
Fan Cost Index Squared -0.0025267977 0.0019341125 -1.3064378201 0.1947698126 -0.006369838 0.0013162426
Wins 6.4639086446 6.9457310108 0.9306304311 0.354562257 -7.3371106306 20.2649279198
Playoffs -49.3876329271 42.7394826649 -1.1555505553 0.250957861 -134.3100727902 35.534806936
Notes: Dependent variables is a team's estimated market value in a given year. Variables highlighted in red are significant at the 10 percent level.
39 3.1623074768
40 517.1101647667
41 -4043.3219913775
42 -49.3876329271
43 0
44 0
45 3510
46 3719

T 13.4 & ERO 13.2

Team ID Team Year Value 2009 2011 Attendance / 10,000 (Attendance / 10,000) Squared Fan Cost Index Fan Cost Index Squared Wins Playoffs
1 Arizona Cardinals 2007 888 0 0 50.88 258.91 341.85 116861.4225 5 0
1 Arizona Cardinals 2009 935 1 0 51.28 262.94 356.31 126956.8161 9 1 SUMMARY OUTPUT
1 Arizona Cardinals 2011 901 0 1 50.22 252.20 366.72 134483.5584 5 0
2 Atlanta Falcons 2007 796 0 0 56.35 317.49 322.84 104225.6656 7 0 Regression Statistics
2 Atlanta Falcons 2009 856 1 0 51.25 262.68 356.3 126949.69 11 1 Multiple R 0.763052548
2 Atlanta Falcons 2011 814 0 1 54.28 294.63 378.37 143163.8569 13 1 R Square 0.5822491909
3 Baltimore Ravens 2007 965 0 0 56.65 320.98 411.81 169587.4761 13 1 Adjusted R Square 0.5438353234
3 Baltimore Ravens 2009 1079 1 0 57.02 325.07 425.81 181314.1561 11 1 Standard Error 135.4850671986
3 Baltimore Ravens 2011 1088 0 1 56.98 324.69 486.19 236380.7161 12 1 Observations 96
4 Buffalo Bills 2007 821 0 0 54.12 292.86 274.83 75531.5289 7 0
4 Buffalo Bills 2009 909 1 0 49.98 249.84 298.96 89377.0816 7 0 ANOVA
4 Buffalo Bills 2011 792 0 1 44.24 195.69 337.75 114075.0625 4 0 df SS MS F Significance F
5 Carolina Panthers 2007 956 0 0 58.85 346.38 299.16 89496.7056 8 0 Regression 8 2225838.80125958 278229.850157448 15.1572655621 0
5 Carolina Panthers 2009 1049 1 0 58.57 343.03 330.67 109342.6489 12 1 Residual 87 1596989.69874042 18356.2034337979
5 Carolina Panthers 2011 1002 0 1 58.10 337.52 342.58 117361.0564 2 0 Total 95 3822828.5
6 Chicago Bears 2007 984 0 0 49.78 247.79 468.04 219061.4416 13 1
6 Chicago Bears 2009 1082 1 0 49.63 246.29 484.31 234556.1761 9 0 Coefficients Standard Error t Stat P-value Lower 95% Upper 95%
6 Chicago Bears 2011 1093 0 1 49.76 247.57 523.2 273738.24 11 1 Intercept 1092.2780957547 779.8786425255 1.4005744435 0.1648979185 -457.8151209367 2642.3713124461
7 Cincinnati Bengals 2007 912 0 0 52.79 278.65 364.41 132794.6481 8 0 Attendance / 10,000 -53.4798999016 24.8667565581 -2.1506584414 0.034276518 -102.9052701579 -4.0545296453
7 Cincinnati Bengals 2009 953 1 0 51.67 266.94 387.91 150474.1681 4 0 (Attendance / 10,000) Squared 6.4646310504 2.2915107248 2.8211218828 0.0059276776 1.9100054499 11.0192566509
7 Cincinnati Bengals 2011 875 0 1 48.29 233.21 395.15 156143.5225 4 0 Fan Cost Index 3.0032689744 1.7000373024 1.7665900449 0.0808042768 -0.3757391774 6.3822771263
8 Cleveland Browns 2007 969 0 0 57.87 334.86 303.16 91905.9856 4 0 Fan Cost Index Squared -0.0022350143 0.001930217 -1.1579083525 0.2500703376 -0.0060715295 0.0016015008
8 Cleveland Browns 2009 1032 1 0 58.22 338.99 323.66 104755.7956 4 0 Wins 7.2599778174 6.9227526604 1.048712582 0.2972150301 -6.4997424193 21.0196980541
8 Cleveland Browns 2011 977 0 1 52.89 279.77 332.02 110237.2804 5 0 Playoffs -48.3899886047 42.4971699648 -1.1386637897 0.2579691588 -132.8577138366 36.0777366271
9 Dallas Cowboys 2007 1500 0 0 50.63 256.35 416.5 173472.25 9 1 2009 61.7423211373 35.4438289163 1.7419766155 0.0850466904 -8.7061253015 132.1907675762
9 Dallas Cowboys 2009 1650 1 0 50.69 256.99 435.49 189651.5401 9 0 2011 35.0914479648 36.4294348581 0.9632718186 0.3380809575 -37.3159969662 107.4988928958
9 Dallas Cowboys 2011 1850 0 1 69.64 484.94 617.8 381676.84 6 0
10 Denver Broncos 2007 994 0 0 61.08 373.05 378.82 143504.5924 9 0 Notes: Dependent variables is a team's estimated market value in a given year. Variables highlighted in red are significant at the 10 percent level.
10 Denver Broncos 2009 1081 1 0 60.41 364.91 400.01 160008.0001 8 0 Variables highlighted in orange are significant at the 5 percent level.
10 Denver Broncos 2011 1046 0 1 59.93 359.12 410.51 168518.4601 4 0
11 Detroit Lions 2007 870 0 0 48.71 237.28 326.35 106504.3225 3 0
11 Detroit Lions 2009 872 1 0 43.60 190.08 383.57 147125.9449 0 0
11 Detroit Lions 2011 844 0 1 45.03 202.76 365.61 133670.6721 6 0
12 Green Bay Packers 2007 927 0 0 56.57 320.07 357.95 128128.2025 8 0
12 Green Bay Packers 2009 1019 1 0 56.55 319.75 354.45 125634.8025 6 0
12 Green Bay Packers 2011 1089 0 1 56.64 320.77 415.83 172914.5889 10 1
13 Houston Texans 2007 1056 0 0 56.15 315.25 359.62 129326.5444 6 0
13 Houston Texans 2009 1150 1 0 56.34 317.38 376.75 141940.5625 8 0
13 Houston Texans 2011 1202 0 1 56.86 323.35 403.6 162892.96 6 0
14 Indianapolis Colts 2007 911 0 0 45.72 208.99 373.8 139726.44 12 1
14 Indianapolis Colts 2009 1025 1 0 53.10 281.99 435.52 189677.6704 12 1
14 Indianapolis Colts 2011 1057 0 1 53.58 287.08 462.34 213758.2756 10 1
15 Jacksonville Jaguars 2007 811 0 0 53.49 286.08 271.42 73668.8164 8 0
15 Jacksonville Jaguars 2009 866 1 0 52.13 271.79 302.09 91258.3681 5 0
15 Jacksonville Jaguars 2011 725 0 1 50.43 254.28 310.28 96273.6784 8 0
16 Kansas City Chiefs 2007 960 0 0 62.33 388.47 382.19 146069.1961 9 1
16 Kansas City Chiefs 2009 1027 1 0 59.26 351.20 422.74 178709.1076 2 0
16 Kansas City Chiefs 2011 986 0 1 54.14 293.09 369.26 136352.9476 10 1
17 Miami Dolphins 2007 942 0 0 58.60 343.36 363.94 132452.3236 6 0
17 Miami Dolphins 2009 1015 1 0 52.39 274.49 368.44 135748.0336 11 1
17 Miami Dolphins 2011 1012 0 1 54.20 293.72 386.16 149119.5456 7 0
18 Minnesota Vikings 2007 782 0 0 50.97 259.84 377.63 142604.4169 6 0
18 Minnesota Vikings 2009 835 1 0 50.61 256.17 386.92 149707.0864 10 1
18 Minnesota Vikings 2011 796 0 1 47.00 220.91 395.78 156641.8084 6 0
19 New England Patriots 2007 1199 0 0 55.00 302.55 427.62 182858.8644 12 1
19 New England Patriots 2009 1361 1 0 55.00 302.55 480.74 231110.9476 11 0
19 New England Patriots 2011 1400 0 1 55.00 302.55 586.76 344287.2976 14 1
20 New Orleans Saints 2007 854 0 0 55.05 303.02 425.28 180863.0784 10 1
20 New Orleans Saints 2009 942 1 0 49.07 240.74 476.26 226823.5876 8 0
20 New Orleans Saints 2011 965 0 1 56.03 313.94 598.56 358274.0736 11 1
21 New York Giants 2007 974 0 0 62.89 395.53 482.47 232777.3009 8 1
21 New York Giants 2009 1183 1 0 63.26 400.12 596.25 355514.0625 12 1
21 New York Giants 2011 1300 0 1 63.22 399.62 597.26 356719.5076 10 0
22 New York Jets 2007 967 0 0 61.86 382.64 298.42 89054.4964 10 1
22 New York Jets 2009 1170 1 0 62.79 394.21 335.89 112822.0921 9 0
22 New York Jets 2011 1223 0 1 62.88 395.35 390.96 152849.7216 11 1
23 Oakland Raiders 2007 812 0 0 37.14 137.97 349.9 122430.01 2 0
23 Oakland Raiders 2009 797 1 0 46.28 214.18 359.9 129528.01 5 0
23 Oakland Raiders 2011 761 0 1 37.14 137.97 359.9 129528.01 8 0
24 Philadelphia Eagles 2007 1052 0 0 55.38 306.69 371.5 138012.25 10 1
24 Philadelphia Eagles 2009 1123 1 0 55.32 305.98 383.5 147072.25 9 1
24 Philadelphia Eagles 2011 1164 0 1 55.32 305.98 391.5 153272.25 10 1
25 Pittsburgh Steelers 2007 929 0 0 49.95 249.46 354.66 125783.7156 8 0
25 Pittsburgh Steelers 2009 1020 1 0 50.31 253.13 384.38 147747.9844 12 1
25 Pittsburgh Steelers 2011 1018 0 1 50.47 254.69 419.28 175795.7184 12 1
26 San Diego Chargers 2007 826 0 0 53.10 281.99 400.07 160056.0049 14 1
26 San Diego Chargers 2009 917 1 0 54.51 297.14 436.06 190148.3236 8 1
26 San Diego Chargers 2011 920 0 1 52.42 274.83 436.56 190584.6336 9 0
27 San Francisco 49ers 2007 799 0 0 54.52 297.25 341.98 116950.3204 7 0
27 San Francisco 49ers 2009 875 1 0 54.01 291.71 376.71 141910.4241 7 0
27 San Francisco 49ers 2011 990 0 1 48.81 238.27 400.08 160064.0064 6 0
28 Seattle Seahawks 2007 921 0 0 54.38 295.74 322.45 103974.0025 9 1
28 Seattle Seahawks 2009 994 1 0 54.40 295.90 364.49 132852.9601 4 0
28 Seattle Seahawks 2011 997 0 1 53.59 287.23 389.69 151858.2961 7 1
29 St Louis Rams 2007 908 0 0 52.26 273.12 386.12 149088.6544 8 0
29 St Louis Rams 2009 913 1 0 47.98 230.25 387.63 150257.0169 2 0
29 St Louis Rams 2011 775 0 1 42.34 179.25 386.69 149529.1561 7 0
30 Tampa Bay Buccaneers 2007 963 0 0 52.47 275.27 406.76 165453.6976 4 0
30 Tampa Bay Buccaneers 2009 1085 1 0 51.61 266.35 483.02 233308.3204 9 0
30 Tampa Bay Buccaneers 2011 981 0 1 39.45 155.64 390.8 152724.64 10 0
31 Tennessee Titans 2007 922 0 0 55.31 305.97 330.27 109078.2729 8 0
31 Tennessee Titans 2009 1000 1 0 55.31 305.97 347.19 120540.8961 13 1
31 Tennessee Titans 2011 964 0 1 55.31 305.97 367.79 135269.4841 6 0
32 Washington Redskins 2007 1467 0 0 70.10 491.47 441.43 194860.4449 5 0
32 Washington Redskins 2009 1550 0 1 70.88 502.45 441.43 194860.4449 8 0
32 Washington Redskins 2011 1555 0 1 66.54 442.73 441.43 194860.4449 6 0

T 13.5,6 & ERO 13.3

Regular Data First Differenced Data Regular Data First Differenced Data
Team ID Team Year Value Value Attendance / 10,000 Attendance / 10,000
Team ID Team Year Value Attendance / 10,000 (Attendance / 10,000) Squared Fan Cost Index Fan Cost Index Squared Wins Playoffs Team ID Team Value Differenced Attendance / 10,000 Differenced (Attendance / 10,000) Squared Differenced Fan Cost Index Differenced Fan Cost Index Squared Differenced Wins Differenced Playoffs
1 Arizona Cardinals 2009 935 47 51.2775 0.3946 1 Arizona Cardinals 2009 935 51.28 262.94 356.31 126956.8161 9 1 1 Arizona Cardinals 47 0.3946 4.031249384 14.46 10095.3936 4 1
1 Arizona Cardinals 2007 888 50.8829 1 Arizona Cardinals 2007 888 50.88 258.91 341.85 116861.4225 5 0 2 Atlanta Falcons 60 -5.0935 -54.805499715 33.46 22724.0244 4 1 SUMMARY OUTPUT
2 Atlanta Falcons 2009 856 60 51.2527 -5.0935 2 Atlanta Falcons 2009 856 51.25 262.68 356.3 126949.69 11 1 3 Baltimore Ravens 114 0.3605 4.097799895 14 11726.68 -2 0
2 Atlanta Falcons 2007 796 56.3462 2 Atlanta Falcons 2007 796 56.35 317.49 322.84 104225.6656 7 0 4 Buffalo Bills 88 -4.1334 -43.028859336 24.13 13845.5527 0 0 Regression Statistics
3 Baltimore Ravens 2009 1079 114 57.0152 0.3605 3 Baltimore Ravens 2009 1079 57.02 325.07 425.81 181314.1561 11 1 5 Carolina Panthers 93 -0.2859 -3.357114993 31.51 19845.9433 4 1 Multiple R 0.787519788
3 Baltimore Ravens 2007 965 56.6547 3 Baltimore Ravens 2007 965 56.65 320.98 411.81 169587.4761 13 1 6 Chicago Bears 98 -0.151 -1.50103362 16.27 15494.7345 -4 -1 R Square 0.6201874166
4 Buffalo Bills 2009 909 88 49.98 -4.1334 4 Buffalo Bills 2009 909 49.98 249.84 298.96 89377.0816 7 0 7 Cincinnati Bengals 41 -1.1207 -11.706081331 23.5 17679.52 -4 0 Adjusted R Square 0.5290323965 Total number of teams in the
4 Buffalo Bills 2007 821 54.12 4 Buffalo Bills 2007 821 54.12 292.86 274.83 75531.5289 7 0 8 Cleveland Browns 63 0.3558 4.130489316 20.5 12849.81 0 0 Standard Error 33.4399314544 NFL in 2007 and 2009 combined
5 Carolina Panthers 2009 1049 93 58.57 -0.2859 5 Carolina Panthers 2009 1049 58.57 343.03 330.67 109342.6489 12 1 9 Dallas Cowboys 150 0.0636 0.644428272 18.99 16179.2901 0 -1 Observations 32
5 Carolina Panthers 2007 956 58.85 5 Carolina Panthers 2007 956 58.85 346.38 299.16 89496.7056 8 0 10 Denver Broncos 87 -0.6708 -8.149254048 21.19 16503.4077 -1 0
6 Chicago Bears 2009 1082 98 49.63 -0.151 6 Chicago Bears 2009 1082 49.63 246.29 484.31 234556.1761 9 0 11 Detroit Lions 2 -5.1137 -47.204309015 57.22 40621.6224 -3 0 ANOVA
6 Chicago Bears 2007 984 49.78 6 Chicago Bears 2007 984 49.78 247.79 468.04 219061.4416 13 1 12 Green Bay Packers 92 -0.0289 -0.326919401 -3.5 -2493.4 -2 0 df SS MS F Significance F
7 Cincinnati Bengals 2009 953 41 51.67 -1.1207 7 Cincinnati Bengals 2009 953 51.67 266.94 387.91 150474.1681 4 0 13 Houston Texans 94 0.1895 2.131558535 17.13 12614.0181 2 0 Regression 6 45648.2746081431 7608.0457680239 6.8036561933 0.0002288623
7 Cincinnati Bengals 2007 912 52.79 7 Cincinnati Bengals 2007 912 52.79 278.65 364.41 132794.6481 8 0 14 Indianapolis Colts 114 7.3874 73.000661572 61.72 49951.2304 0 0 Residual 25 27955.7253918569 1118.2290156743
8 Cleveland Browns 2009 1032 63 58.22 0.3558 8 Cleveland Browns 2009 1032 58.22 338.99 323.66 104755.7956 4 0 15 Jacksonville Jaguars 55 -1.3528 -14.288327712 30.67 17589.5517 -3 0 Total 31 73604
8 Cleveland Browns 2007 969 57.87 8 Cleveland Browns 2007 969 57.87 334.86 303.16 91905.9856 4 0 16 Kansas City Chiefs 67 -3.0653 -37.270890741 40.55 32639.9115 -7 -1
9 Dallas Cowboys 2009 1650 150 50.69 0.0636 9 Dallas Cowboys 2009 1650 50.69 256.99 435.49 189651.5401 9 0 17 Miami Dolphins 73 -6.2049 -68.867378463 4.5 3295.71 5 1 Coefficients Standard Error t Stat P-value Lower 95% Upper 95%
9 Dallas Cowboys 2007 1500 50.63 9 Dallas Cowboys 2007 1500 50.63 256.35 416.5 173472.25 9 1 18 Minnesota Vikings 53 -0.3607 -3.664275553 9.29 7102.6695 4 1 Intercept 84.5056548864 11.7414762601 7.197191649 0.0000001527 60.3236320632 108.6876777096
10 Denver Broncos 2009 1081 87 60.41 -0.6708 10 Denver Broncos 2009 1081 60.41 364.91 400.01 160008.0001 8 0 19 New England Patriots 162 0 0 53.12 48252.0832 -1 -1 Differenced Attendance / 10,000 -54.7252507266 18.3026270444 -2.9900216288 0.0061846094 -92.4202164284 -17.0302850248
10 Denver Broncos 2007 994 61.08 10 Denver Broncos 2007 994 61.08 373.05 378.82 143504.5924 9 0 20 New Orleans Saints 88 -5.982 -62.2797984 50.98 45960.5092 -2 -1 Differenced (Attendance / 10,000) Squared 5.5652478265 1.8537178227 3.0022087279 0.0060062175 1.7474445364 9.3830511166
11 Detroit Lions 2009 872 2 43.60 -5.1137 11 Detroit Lions 2009 872 43.60 190.08 383.57 147125.9449 0 0 21 New York Giants 209 0.3644 4.596774816 113.78 122736.7616 4 0 Differenced Fan Cost Index -1.1781241773 1.163788587 -1.0123180365 0.3210839454 -3.5749916196 1.218743265
11 Detroit Lions 2007 870 48.71 11 Detroit Lions 2007 870 48.71 237.28 326.35 106504.3225 3 0 22 New York Jets 203 0.9283 11.570637539 37.47 23767.5957 -1 -1 Differenced Fan Cost Index Squared 0.0017433974 0.001185153 1.4710315556 0.1537586209 -0.0006974708 0.0041842657
12 Green Bay Packers 2009 1019 92 56.55 -0.0289 12 Green Bay Packers 2009 1019 56.55 319.75 354.45 125634.8025 6 0 23 Oakland Raiders -15 9.1352 76.210223296 10 7098 3 0 Differenced Wins 7.5719946733 2.4657192857 3.0709070239 0.0050890767 2.4937507863 12.6502385603
12 Green Bay Packers 2007 927 56.57 12 Green Bay Packers 2007 927 56.57 320.07 357.95 128128.2025 8 0 24 Philadelphia Eagles 71 -0.0642 -0.710659332 12 9060 -1 0 Differenced Playoffs -45.5939652914 13.2426815768 -3.4429556451 0.0020364787 -72.8677783143 -18.3201522685
13 Houston Texans 2009 1150 94 56.34 0.1895 13 Houston Texans 2009 1150 56.34 317.38 376.75 141940.5625 8 0 25 Pittsburgh Steelers 91 0.3664 3.673475104 29.72 21964.2688 4 1
13 Houston Texans 2007 1056 56.15 13 Houston Texans 2007 1056 56.15 315.25 359.62 129326.5444 6 0 26 San Diego Chargers 91 1.4076 15.147718488 35.99 30092.3187 -6 0 Notes: Dependent variables is a team's estimated market value in a given year. Variables highlighted in red are significant at the 10 percent level.
14 Indianapolis Colts 2009 1025 114 53.10 7.3874 14 Indianapolis Colts 2009 1025 53.10 281.99 435.52 189677.6704 12 1 27 San Francisco 49ers 76 -0.5104 -5.53942224 34.73 24960.1037 0 0
14 Indianapolis Colts 2007 911 45.72 14 Indianapolis Colts 2007 911 45.72 208.99 373.8 139726.44 12 1 28 Seattle Seahawks 73 0.0145 0.157728825 42.04 28878.9576 -5 -1
15 Jacksonville Jaguars 2009 866 55 52.13 -1.3528 15 Jacksonville Jaguars 2009 866 52.13 271.79 302.09 91258.3681 5 0 29 St Louis Rams 5 -4.2767 -42.871907451 1.51 1168.3625 -6 0
15 Jacksonville Jaguars 2007 811 53.49 15 Jacksonville Jaguars 2007 811 53.49 286.08 271.42 73668.8164 8 0 30 Tampa Bay Buccaneers 122 -0.8573 -8.922341177 76.26 67854.6228 5 0
16 Kansas City Chiefs 2009 1027 67 59.26 -3.0653 16 Kansas City Chiefs 2009 1027 59.26 351.20 422.74 178709.1076 2 0 31 Tennessee Titans 78 0 0 16.92 11462.6232 5 1
16 Kansas City Chiefs 2007 960 62.33 16 Kansas City Chiefs 2007 960 62.33 388.47 382.19 146069.1961 9 1 32 Washington Redskins 83 0.7786 10.977356824 0 0 3 0
17 Miami Dolphins 2009 1015 73 52.39 -6.2049 17 Miami Dolphins 2009 1015 52.39 274.49 368.44 135748.0336 11 1
17 Miami Dolphins 2007 942 58.60 17 Miami Dolphins 2007 942 58.60 343.36 363.94 132452.3236 6 0
18 Minnesota Vikings 2009 835 53 50.61 -0.3607 18 Minnesota Vikings 2009 835 50.61 256.17 386.92 149707.0864 10 1
18 Minnesota Vikings 2007 782 50.97 18 Minnesota Vikings 2007 782 50.97 259.84 377.63 142604.4169 6 0
19 New England Patriots 2009 1361 162 55.00 0 19 New England Patriots 2009 1361 55.00 302.55 480.74 231110.9476 11 0
19 New England Patriots 2007 1199 55.00 19 New England Patriots 2007 1199 55.00 302.55 427.62 182858.8644 12 1
20 New Orleans Saints 2009 942 88 49.07 -5.982 20 New Orleans Saints 2009 942 49.07 240.74 476.26 226823.5876 8 0
20 New Orleans Saints 2007 854 55.05 20 New Orleans Saints 2007 854 55.05 303.02 425.28 180863.0784 10 1
21 New York Giants 2009 1183 209 63.26 0.3644 21 New York Giants 2009 1183 63.26 400.12 596.25 355514.0625 12 1
21 New York Giants 2007 974 62.89 21 New York Giants 2007 974 62.89 395.53 482.47 232777.3009 8 1
22 New York Jets 2009 1170 203 62.79 0.9283 22 New York Jets 2009 1170 62.79 394.21 335.89 112822.0921 9 0
22 New York Jets 2007 967 61.86 22 New York Jets 2007 967 61.86 382.64 298.42 89054.4964 10 1
23 Oakland Raiders 2009 797 -15 46.28 9.1352 23 Oakland Raiders 2009 797 46.28 214.18 359.9 129528.01 5 0
23 Oakland Raiders 2007 812 37.14 23 Oakland Raiders 2007 812 37.14 137.97 349.9 122430.01 2 0
24 Philadelphia Eagles 2009 1123 71 55.32 -0.0642 24 Philadelphia Eagles 2009 1123 55.32 305.98 383.5 147072.25 9 1
24 Philadelphia Eagles 2007 1052 55.38 24 Philadelphia Eagles 2007 1052 55.38 306.69 371.5 138012.25 10 1
25 Pittsburgh Steelers 2009 1020 91 50.31 0.3664 25 Pittsburgh Steelers 2009 1020 50.31 253.13 384.38 147747.9844 12 1
25 Pittsburgh Steelers 2007 929 49.95 25 Pittsburgh Steelers 2007 929 49.95 249.46 354.66 125783.7156 8 0
26 San Diego Chargers 2009 917 91 54.51 1.4076 26 San Diego Chargers 2009 917 54.51 297.14 436.06 190148.3236 8 1
26 San Diego Chargers 2007 826 53.10 26 San Diego Chargers 2007 826 53.10 281.99 400.07 160056.0049 14 1
27 San Francisco 49ers 2009 875 76 54.01 -0.5104 27 San Francisco 49ers 2009 875 54.01 291.71 376.71 141910.4241 7 0
27 San Francisco 49ers 2007 799 54.52 27 San Francisco 49ers 2007 799 54.52 297.25 341.98 116950.3204 7 0
28 Seattle Seahawks 2009 994 73 54.40 0.0145 28 Seattle Seahawks 2009 994 54.40 295.90 364.49 132852.9601 4 0
28 Seattle Seahawks 2007 921 54.38 28 Seattle Seahawks 2007 921 54.38 295.74 322.45 103974.0025 9 1
29 St Louis Rams 2009 913 5 47.98 -4.2767 29 St Louis Rams 2009 913 47.98 230.25 387.63 150257.0169 2 0
29 St Louis Rams 2007 908 52.26 29 St Louis Rams 2007 908 52.26 273.12 386.12 149088.6544 8 0
30 Tampa Bay Buccaneers 2009 1085 122 51.61 -0.8573 30 Tampa Bay Buccaneers 2009 1085 51.61 266.35 483.02 233308.3204 9 0
30 Tampa Bay Buccaneers 2007 963 52.47 30 Tampa Bay Buccaneers 2007 963 52.47 275.27 406.76 165453.6976 4 0
31 Tennessee Titans 2009 1000 78 55.31 0 31 Tennessee Titans 2009 1000 55.31 305.97 347.19 120540.8961 13 1
31 Tennessee Titans 2007 922 55.31 31 Tennessee Titans 2007 922 55.31 305.97 330.27 109078.2729 8 0
32 Washington Redskins 2009 1550 83 70.88 0.7786 32 Washington Redskins 2009 1550 70.88 502.45 441.43 194860.4449 8 0
32 Washington Redskins 2007 1467 70.10 32 Washington Redskins 2007 1467 70.10 491.47 441.43 194860.4449 5 0

ER 13.1

Coefficient Standard Error t P>|t| Lower 95% Upper 95%
Intercept -232.7323 475.0128 -0.49 0.626 -1183.574 718.1092
Attendance / 10,000 15.42717 15.71766 0.98 0.330 -16.03515 46.88948
(Attendance / 10,000) Squared -1.222945 1.510634 -0.81 0.422 -4.246807 1.800917
Fan Cost Index 2.3211 1.157872 2.00 0.050 0.0033686 4.638832
Fan Cost Index Squared -0.0010609 0.0012586 -0.84 0.403 -0.0035802 0.0014585
Wins 5.280423 3.462886 1.52 0.133 -1.651297 12.21214
Playoffs -39.26036 19.7567 -1.99 0.052 -78.80768 0.2869615
sigma u 158.09977
sigma e 50.489242
rho .90745358 (fraction of variance due to u_i)
Prob > F 0.0000
R-Squared:
Within .5735
Between .3450 Total number of teams in NFL
Overall .3631 in 2007, 2009, 2011 combined
Observations 96
Groups 32 Number of NFL teams each year
Notes: Dependent variables is a team's estimated market value in a given year. Variables highlighted in red are significant at the 10 percent level.
Variables highlighted in orange are significant at the 5 percent level.

ER 13.2

Coefficient Standard Error t P>|t| Lower 95% Upper 95%
Intercept -108.182 471.1432 -0.23 0.818 -1031.606 815.2418
Attendance 1.11487 15.56764 0.07 0.943 -29.39714 31.62688
Attendance Squared 0.4501419 1.482184 0.30 0.761 -2.454886 3.35517
Fan Cost Index 3.074871 1.108368 2.77 0.006 0.9025096 5.247232
Fan Cost Index Squared -0.0019858 0.0012149 -1.63 0.102 -0.004367 0.0003953
Wins 5.997044 3.499039 1.71 0.087 -0.8609474 12.85503
Playoffs -41.0834 20.39557 -2.01 0.044 -81.05799 -1.108808
sigma u 129.73777
sigma e 50.489242
rho .86847136 (fraction of variance due to u_i)
Prob > F 0.0000
R-Squared:
Within .5535
Between .4659 Total number of teams in NFL
Overall .4672 in 2007, 2009, 2011 combined
Observations 96
Groups 32 Number of NFL teams each year
Notes: Dependent variables is a team's estimated market value in a given year. Variables highlighted in red are significant at the 10 percent level.
Variables highlighted in orange are significant at the 5 percent level.