Overshadowed by Popularity: The Value of Second-Tier Stars in European Football

While second-tier stars lack popularity compared to superstars, their marginal contribution to team performance on the pitch relative to that of superstars is unknown. Relying on league-specific preseason market value distributions to define superstars and second-tier stars, we compare the marginal contributions of superstars and second-tier stars to team performance on the pitch in the top five European football leagues. Examining the impact of unexpected injury-related absences, we find that second-tier stars' marginal contribution is at least equal to that of superstars. Thus, the players with arguably the highest costs for clubs do not contribute accordingly to short-run sportive success.